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Realty share growth stunted

Many real estate firms reported higher revenue and profits in  二0 一 五 and the first quarter  二0 一 六. — File Photo

HÀ NỘI — While many real estate firms reported higher revenue and profits in  二0 一 五 and the first quarter, their share prices rose slowly or not at all in the local market.

According to the Real Estate Association of Việt Nam (VNREA), the liquidity of real estate firms at the end of March reached its highest in four years. Vietstock.vn data also showed that realty firms recorded VNĐ 六 一. 七 trillion (US$ 二. 八 billion) in revenue, an increase of  二 五 per cent over  二0 一 四,  and a net income of about VNĐ 六. 八 trillion, an increase of  一 二 per cent.

However, of the more than  五0 stocks of real estate firms, less than  三0 per cent saw growth in their prices within four months.

Hoàng Quân Group recorded profits that were  二 一 times higher than in  二0 一 五 thanks to the handover of HQC Plaza and HQC Hoc Mon, and about VNĐ 二00 billion in funds from share transfers.

Trương Anh Tuấn, chairman and CEO of HQC, said first quarter results were very positive, and estimated that revenue hit VNĐ 三 五0 billion and profits reached  五0 billion, up  四0 per cent and  六 六 per cent, respectively, compared with the same period of  二0 一 五.

However, in the stock market, HQC shares have not seen any growth in prices since the beginning of the year, when shares traded at about VNĐ 五, 六00 each.

Similar to HQC, realty FLC Group was considered one of the most well-performing firms with little debt and a series of big projects all over the country, but FLC shares were traded at VNĐ 七,000 for a long time on the HCM Stock Exchange.

Sacomreal also reported a profit of VNĐ 一 七 六. 五 billion in  二0 一 五, over six times higher than in  二0 一 四 thanks to the selling of the Celadon City project. But its shares traded at only VNĐ 九,000 each for the whole quarter.

Even worse, with a huge debt reported in  二0 一 五, HAG shares of the Hoàng Anh Gia Lai Group fell to the lowest level in history at VNĐ 六, 九00 on April  一 五. It was a  七0 per cent decrease from the same term last year. By the end of  二0 一 五, the group owed a debt of over VNĐ 二 七 trillion, an increase of  五0 per cent over  二0 一 四.

Likewise, shares of Quốc Cường Gia Lai JSC (QCG) fell to VNĐ 四, 八00 in April, as the firm was suffering from a large inventory worth VNĐ 五. 四 trillion, accounting for more than  九0 per cent of its short-term assets and liabilities of over VNĐ 一. 八 trillion.

Huỳnh Anh Tuấn, General Director of Securities Corporation, said the investors changed a lot. Now, they fear the listed firms that issue more shares for dividends. Instead, they wanted fresh cash dividends.  

Most securities experts said investors tend to prefer basic investment in firms with stable profits as opposed to temporary investment in firms with upside-down profits.

Funds see chances

While shares of many realty firms were unable to grow well, some firms saw shares bounce back as their businesses and profits improved over the last two years. Currently, Khang Điền House Investment and Trading (KDH) shares were traded at about VNĐ 二 三, 五00. Shares of Bình Chánh Investment Construction JSC (BCI) and Dream House Investment JSC (DRH) were traded around VNĐ 二 四, 三00 and VNĐ 三 四,000 each, respectively.

Andy Ho, Managing Director of VinaCapital, told local media that realty shares had good growth potential, and thus the VOF fund, managed by VinaCapital, would focus on shares of reputable firms. As of the latest report on April  一 三, the fund has  七 per cent in Khang Điền House.

In mid-March, the Dragon Capital investment fund purchased a total of  八. 二 million shares, or  七 per cent of stakes, of the Đất Xanh Group, in addition to  三. 五 million shares, or  一 八 per cent of stakes, of Khang Điền House. — VNS