CENLAND – Buy (CRE : HSX – Real Estate)

Ngày đăng February 20, 2019

CENLAND – Buy (CRE : HSX – Real Estate)


  • CENLAND (CRE – BUY) released decent FY2018 financial results with net sales of VND 1,687 billion (+51.3% y/y) and NPAT of VND 320 billion (+26.4% y/y) meeting 100% their targets.


  • The expansion into secondary investment started to yield some results. Despite coming at the cost of a lower overall GPM.


  • For FY2019, HSC forecast calls for sales of VND 2,020 billion (+19.7% y/y) and NPATMI of VND 391 billion (+24.1% y/y) driven by a steady increase in brokerage revenue and expansion into secondary investment.


  • CRE is also actively increasing their presence in the Southern market as well as building its online platform targeting transaction in secondary market with the hope boost brokerage revenue further.


  • We have a fair value of VND 38,800, equivalent to a P/E of 8.8x, which at current price levels suggest upside of 36.1%.


  • Reiterate BUY.




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