Vinhomes: First Take: Strong 2Q26; FY26 earnings upgrades likely

研报英文原文证据摘录

Vinhomes: First Take: Strong 2Q26; FY26 earnings upgrades likely

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Vinhomes Overweight

VHM.HM, VHM VN

First Take: Strong 2Q26; FY26 earnings upgrades likely Price (30 Jul 26):D147,900.00

Price Target (Jun-27):D156,000.00

Our First Take: VHM’s 2Q26 PATMI rose 201% YoY to VND22.6tn, taking

1H26 PATMI to VND48.1tn (235% YoY), already 97% of JPMe FY26 and 85%

of Bloomberg consensus. 1H26 net revenue increased 243% YoY to VND116.6tn,

driven by a 452% increase in property revenue to VND94.3tn. Green Paradise

contributed VND46.2tn, while Ocean Park 2 and 3 contributed VND39.0tn

combined. Contracted sales doubled to VND66.4tn. Management retained its

VND60tn PAT target. Versus 1Q26, presales moderated, but earnings remained Singapore/ASEAN Property and

strong as bulk sales drove a 64% adjusted gross margin. REITs

Terence M Khi AC

(65) 6882-1518

Key Positives terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

1H26 contracted sales rose 119% YoY to VND148.1tn, while unbilled sales J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

reached VND196.8tn (42% YoY), providing visibility into 2H26 and 2027 AC Mervin Song, CFA

recognition. 2Q bulk sales were VND48.7tn, or 73% of contracted sales, led by (65) 6882-7829

2Q26 launches of Saigon Park (VND 35tn of contracted sales from 25,179 units, mervin.song@jpmorgan.com

76% bulk/24% retail) and Global Gate Ha Long (VND26.6tn of contracted sales J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

from over 1,000 units, largely bulk). Green Paradise construction remains on Morgan Broking (Hong Kong) Limited

schedule, with first handovers expected in August 2026. Khoi Vu, CFA