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VHM - Vietnam’s largest residential developer lists on HSX - Listing Note

Vinhomes JSC (VHM), a residential arm of Vingroup (VIC), listed on the Ho Chi Minh Stock Exchange (HSX) on May 17, 2018. At the today closing price, VHM’s market capitalization is USD13.0bn, becoming the second largest market cap listed company in HSX. Q1 2018 NPAT jumped up by 419% YoY to VND4.0tn (USD175mn), mainly driven by scheduled deliveries of pre-sold units, reinforcing guided 2018 NPAT of VND17.8tn (USD778mn, +1,023% YoY). We note that, VIC had injected fewer residential