VHM – Non-rated note – 20181108

• 9M18 net profit surged 143% yoy on the back of robust property delivery and strong project transfer gains. Stellar launch of Vincity Ocean Park with a 70% absorption rate was proof of the continued thirst for affordable and mid-range products.
• 10M18 presales was sizable with Vincity launch but tracking below 2017 levels.
• The 9M18 bottom line registered 143% growth versus the pro-forma 9M17 results with large profits booked from key projects and stake transfer of Vinhomes Lotus

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