Vinhomes 2Q1 revenue 19 trillion dong, down 33% year-on-year
Vinhomes Joint Stock Company (VHM) reported a significant decline in its second quarter 2025 (2Q1) revenue, marking a 33% year-on-year (YoY) decrease. The company's revenue for 2Q1 stood at 19 trillion dong, down from 28.4 trillion dong in the same period last year [1].
The revenue drop is a notable shift from the company's robust performance in the first quarter of 2025, where earnings grew by 50.4% compared to the previous year [1]. This decline has raised concerns among investors, particularly given the company's recent acquisition of a stake in Cam Ranh Salt Joint Stock Company, which was expected to bolster its financial performance [2].
Vinhomes' stock has been volatile in recent months, with a 57.71% increase over the past three months and a 150.95% rise over the past year. However, the company's share price has been trading at a 21.8% discount to its estimated fair value, indicating that investors may still see potential in the stock despite the revenue decline [1].
The company's financial health remains strong, with a debt-to-equity ratio of 39.4%, and a net profit margin of 30.60% [1]. However, the earnings quality has been a concern, with analysts noting that the company's non-cash earnings have been high [1].
Vinhomes' competitors in the real estate sector, such as Khang Dien House Trading and Investment (KDH), SJ Group (SJS), Nam Long Investment (NLG), and Dat Xanh Group (DXG), have also faced challenges in recent quarters, with revenue and earnings growth being a significant concern [1].
Investors will be closely watching Vinhomes' upcoming earnings report, scheduled for July 30, 2025, to gauge the company's performance in the second quarter and its ability to bounce back from the recent revenue decline.
References:
[1] https://simplywall.st/stocks/vn/real-estate-management-and-development/hose-vhm/vinhomes-shares
[2] https://simplywall.st/stocks/vn/real-estate-management-and-development/hose-vhm/vinhomes-shares
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