Back to Previous Page
Company Quarterly Earnings Update – VHM VN – Q4/2024
Summary of Q4/2024 results and outlook of Vinhomes JSC (VHM VN)
- The implementation of new real estate laws has spurred new supply growth, yet the majority remain concentrated in the high-end segment, diverging from prevailing demand for mid-end housing. This mismatch has fueled primary price increases in Hanoi and HCMC while keeping transaction volumes subdued. Looking ahead, the sustained impact of these regulatory changes, coupled with accelerating infrastructure investment in metro lines and Transit-Oriented Development (TOD) initiatives, is expected to drive supply expansion and broaden access to affordable housing.
- VHM led a new supply in the North across low-rise and apartment segments. VHM posted robust presales of VND103,900 bn (+19.4% y/y), driven by the Vu Yen project (VND7.5bn/unit, 55% of 2024 launches), Vinhomes The Empire and The Crown (31%, VND9bn/unit), and ongoing sales from other high-rise projects. Absorption was bolstered by incentives like bulk-buyer discounts, extended payment terms, mortgage interest support, and rental guarantees post-handover. Beyond supply dominance, VHM’s projects stand out for their appeal to investment demand, underpinned by clear legal titles, facilitating ease of transactions. Unbilled bookings closed 2024 at VND94,200 bn, to be recognized upon delivery.
- Net revenue reached VND102,045 bn (-1.3% y/y), tracking unit handovers, with property sales contributing VND74,562 bn (-17.1% y/y) from 11,100 low-rise units and 8,800 apartments. Financial income jumped 29.3% y/y to VND26,343 bn, reflecting Vu Yen Business Cooperation Contract (BCC) income of VND19,209 bn sales to retailers and project-sale to other developers. Net profit landed at VND31,527 bn (-4.8% y/y).
- VHM is poised to complete deliveries of pre-sold units from The Empire, The Crown, and Vu Yen in 2025. The current pipelines and potential new project launches this year including Wonder Park, Can Gio and Green Ha Long will support 2026 net profit.
Company ratings and target prices are accessible for clients only.
If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.
Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.
Photo image credit: https://vinhomes.vn/vi
