Company Insight

Update on BUY Recommendation - Target Price: VND 99,800/share

Vinhomes JSC (HOSE: VHM) is Vietnam’s leading real estate developer, with significant competitive advantages including: (1) a large land bank in strategic locations, (2) proven strong project execution capabilities, and (3) a highly reputable and trusted brand. With solid growth prospects supported by strong sales capabilities and the rapid execution of large-scale projects in 2026, we recommend BUY with a target price of VND 99,800/share, based on the RNAV valuation method.

2026F-2027F Outlook:

We expect tighter credit controls on the real estate sector to weigh on property developers to some extent during 2026-2027. However, VHM is likely to be less affected thanks to its bulk-sale strategy, which enables the company to accelerate cash collection. We forecast presales of VND 311 trillion in 2026F (+51% YoY) and VND 353 trillion in 2027F (+24% YoY), driven by major projects currently under development, including Green Paradise, Global Gate Ha Long, Saigon Park, Hai Van Bay, and Global Sportia