Company Insight

Vinhomes JSC (HOSE: VHM) is a leading real estate company in Vietnam, holding several dominant advantages such as: (1) A large and strategic land bank, (2) An outstanding track record with many efficiently invested projects, and (3) A strong brand value and reputation in the market.

In 2024, Vinhomes reported a slight decline in business results, with net revenue and net profit decreasing by 1.2% and 4.8% respectively. However, we assess these results as relatively positive given the real estate market has not yet experienced significant recovery in 2024.

We maintain a BUY recommendation for VHM shares with a target price of VND 66,500 per share, which is valued using the RNAV method due to the attractive profit growth potential in the coming years, backed by the planned launch of several major large-scale projects starting from 2025, such as: Wonder City, Dương Kinh Kiến Thụy, and Hậu Nghĩa Đức Hòa…