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HDG - Growth despite a difficult market - Visit Note

Amid prolonged difficulties in the real estate market, HDG’s 2013 net sales reached VND1,232bn, up 32% compared with 2012. Growth was primarily driven by the Ha Do Park View and Nguyen Van Cong condominium projects which realized a combined value of 45% total FY13 sales. Gross margin expanded by 400 bps thanks to a reduction in construction material costs. Net margin expanded by 540bps YoY to reach 7.9%.