Equity Report

In 1Q26, revenue and net profit (NP) declined by 40% and 22% yoy, respectively, primarily due to the timing of land handovers;

The IP segment is showing more positive momentum, supported by new policies, while the residential segment holds strong potential driven by the restructuring of HCMC following the merger. We expect FY26-27F NP growth of 13%/5% yoy;