VHM – Update – Stock price has corrected to an attractive level after reflecting concerns over tighter credit
Posted: Mar 12, 2026
- In 4Q25, net profit (NP) surged 120% yoy, driven by the recognition of bulk sales at Green Paradise. In 2025, NP increased 29% yoy, reaching 105% of our forecast;
- In 2026–2027, we forecast presales to change by -36%/+12% yoy, reflecting the impact of high interest rates and tighter credit for the residential property sector. Accordingly, NP is projected to change by +3%/-10% yoy;
- We recommend ADD with a target price of VND 123,200, as the stock has corrected to an attractive level, with its P/B trading below the 5-year average.
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