Earnings Report /

Ha Do Group: Hado Charm Villas project is the main driver in 2022

  • 2021 results: The handover of Charm Villas and solid performance of the energy segment lifted overall results

  • 2022 Outlook: Charm Villas projects handover and energy segment to lead earnings growth

  • Development strategy: Strong expansion in landbanks and energy capacity to fuel long-term outlook

Rong Viet
15 March 2022
Published byRong Viet

In 2021, HDG recorded revenue and NPAT-MI of VND3,841bn (-23% yoy) and VND1,090bn (+11% yoy), respectively. The gross profit margin strongly improved thanks to the handover of 82 units at Hado Charm Villas, remaining units of Hado Centrosa along with the resilient energy segment.

In Q1 22, HDG would focus on finishing the rough construction of villas and preparing for the third phase of sales in Hado Charm Villas (currently the construction rate is close to 70% complete). Regarding the energy segment, the power segment is stable when power output in January reaching 132 million KwH thanks to favourable weather, according to management.

In 2022f, we expect that the handover of Hado Charm Villas' 150 units to lift overall business results. Our current 2022f revenue and NPAT forecast for HDG are VND4,271bn and VND1,552bn, respectively. Our current forecasts and TP of VND69,300 are under review.