August 30, 2016 VIC had an above expectation bottom line thanks to one-off financial income in Q2 FY2016, boosting NPAT more than 3 times y/y. Most segments outperformed expectations including the core residential segment. Although the Hotel & entertainment segment as introduced resorts continue to offer heavy discounts to attract customers.
VIC announced mixed FY2015 unaudited consolidated results with an above expectation topline of VND33.8 trillion (+22.0% y/y) even as the bottom line undershot by 62% y/y. SG&A increased given a slew of new product launches and rapid expansion in certain segments including retail. Revenue structure tilting more towards recurring income when residential segment has started new investment cycle which we expect the harvest stage will fall in FY2017.
July 2014 SUMMARY: It has been a long, seven year slog with disappointments and broken promises on house delivery. However, recent positive sales results and busy launching events suggest that we have now arrived at a point where the worst of the market is behind us. CBRE monitored activity at recent launch events for residential