Research Center

Khang Dien House Trading and Investment JSC’s (KDH) 4Q21 revenue reached VND590bn, -54.3% yoy and NPATMI posted VND414.3bn, 8.3% yoy. We estimate that ~ 99 units in the high-rise Lovera Vista project and 3 units in Verosa were delivered in 4Q21. The company also recorded a VND201bn other income from acquiring 98.9% stake in Nguyen Thu Real Estate company. No information was disclosing about the land bank except KDH could console a VND729bn inventory.

The monthly report reflect the movement of Vietnam seafood export activities. Dec 2021 Vietnam seafood export value stayed brisk by +29% yoy to USD940mn backed by strong growth of key products.

Long VN30F2202 should be held and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

Because of the Tet holiday, the market sentiment has become cautious in the short term. Therefore, traders should be careful and stay on the sidelines.

Long VN30F2202 should be held and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

Despite the second recovery, the downside risk is still intact in the short term. Therefore, traders should reduce their long position and stay on the sidelines.

Long VN30F2202 after ATO session and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

Despite the sharp recovery, the downside risk is still intact in the short term. Therefore, traders should reduce their long position and stay on the sidelines.

The impressive rebound of Vietnam’s economy in 4Q21 creates momentum for further economic recovery in 2022. We expect the following sectors to be key growth pillars for the economy: (1) robust and stable industrial growth thanks to secured production activity and increased export demand; (2) pent-up demand in domestic spending in the reopening phase; (3) strong recovery in capital investment, primarily driven by investment demand from government and FDI. Last but not least, the upcoming fiscal - monetary support program will further push the economy back to the high-growth track in 2022.

4Q21 NPATMI of VND361bn plunged largely in the absence of the unexpected revaluation gain in 4Q20. In 4Q21, revenue from product handover was remarkable mainly thanks to from handover Akari City of 1,525 units, equivalent to VND3.5tn. The result was lower than our estimation of 1,800 units. Together with a VND429bn goodwill income booked in 1Q21 thanks to a further 30.1% stake acquisition to 65.1% of Waterfront (Izumi) project, 2021 NPATMI reached VND1,071bn, +28.2% yoy.