Company Quarterly Earnings Update – TDH VN – 2018 H1

Summary of the H1 2018 results of Thu Duc Housing Dev. (TDH VN) 

H1/2018 results: highlights In Q2/2018
  • TDH started to consolidate Fideco (FDC) in its own accounts, TDH holds a stake of 43% in this company. TDH’s H1 net profit reached VND 84 bn, thanks to the sale of one small investment property, thanks to financial income from divesting a 51% stake in the Thu Duc Wholesale Market in Q1 and thanks to a revaluation of its investment in FDC as a result of its consolidation in Q2. There were only a few property products for sale in H1/2018.
  • At the end of H1/2018, the company´s financial position was reasonably sound with cash amounting to VND 100 bn (3% of total assets), and with a moderate leverage (D/A of 0.21x and D/E of 0.36x).
  • Three apartment projects and one land lot project are on schedule to open sales in Q4/2018.
Other developments
  • In June, TDH paid VND 82 bn dividend for 2017FY (VND 1,000/share)
  • The Board of Director presented a resolution to divest an associated company, more specifically a 27% stake in Phong Phu Investment and Development JSC.
  • We expect 2018 results from the sale of in-house developed projects to be quite lackluster as most of the projects are currently still under development. They will only be sold later this year; and their revenue/profit can only be recorded in 2019 or later.
  • 2018F and 2019F net profit is expected to reach VND 93 bn and VND 200 bn respectively.

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