What is tỷ lệ bóng đá hôm nay kèo nhà cái current debt situation of Vietnam's real estate industry?

Following tỷ lệ bóng đá hôm nay kèo nhà cái Evergrande incident on 20th September, recent market movements have witnessed huge interest in tỷ lệ bóng đá hôm nay kèo nhà cái financial health of Vietnamese real estate enterprises. Here are some of tỷ lệ bóng đá hôm nay kèo nhà cái noticeable "big guys" in tỷ lệ bóng đá hôm nay kèo nhà cái industry.

Statistically, as of 30th June 2021, 19 residential real estate enterprises had a total debt of VND 113,460 billion, a 5% increase from tỷ lệ bóng đá hôm nay kèo nhà cái beginning of tỷ lệ bóng đá hôm nay kèo nhà cái year. Most of tỷ lệ bóng đá hôm nay kèo nhà cái debt ratios from these businesses range within an acceptable level, and tỷ lệ bóng đá hôm nay kèo nhà cái average debt-to-equity ratio is only 0.52.

Source: NDH

By tỷ lệ bóng đá hôm nay kèo nhà cái end of 2Q2021, Phat Dat Real Estate Development Corporation (HOSE: PDR) had short-term debt at only VND 483 billion (down 66%) after settling VND 930 billion from bank loans, bonds, and borrowing from other parties. Thus, PDR is tỷ lệ bóng đá hôm nay kèo nhà cái real estate enterprise with tỷ lệ bóng đá hôm nay kèo nhà cái lowest debt level in tỷ lệ bóng đá hôm nay kèo nhà cái VN30. According to tỷ lệ bóng đá hôm nay kèo nhà cái Company's financial statements and information collected by Mirae Asset Securities, PDR's total short-term and long-term debts were at VND 1,381 billion by tỷ lệ bóng đá hôm nay kèo nhà cái end of 2Q2021. Owing to tỷ lệ bóng đá hôm nay kèo nhà cái recent growing revenue and a low D/E ratio with no signs of "increasing" debts shortly, PDR is expected to record VND 5,147 billion in revenue and VND 2,061 billion in profit after tax in 2021, up 31.6% Y-o-Y and 68.9% Y-o-Y, respectively. tỷ lệ bóng đá hôm nay kèo nhà cái Company also stated that by implementing a strategy shifting from short-term to long-term debt with preferential interest rates, it would achieve high efficiency in future investment activities.

Debt and Debt-to-Equity Ratios
Source: Enterprises’ financial statements, calculated by Mirae Asset Vietnam Research

Assessing Z-score
Among top listed real estate enterprises, PDR has a Z-score of 2.79 – a considerably ideal level.

Z-scores of real estate enterprises
Source: Enterprises’ financial statements, calculated by Mirae Asset Vietnam Research

Assessing ROE and ROA

ROEs and ROAs
Source: Mirae Asset Vietnam Research’s forecast and compilation

According to tỷ lệ bóng đá hôm nay kèo nhà cái Company, positive cash flow from operating activities has been steadily increasing in recent years, exceeding VND 4,300 billion in 2020. Also, PDR's cash reserves declined sharply in 2020 as tỷ lệ bóng đá hôm nay kèo nhà cái result of land acquisitions worth VND-3,800 billion. Thanks to consistent and positive cash flows, PDR has tỷ lệ bóng đá hôm nay kèo nhà cái best payout ratio among real estate enterprises on HoSE. Additionally, tỷ lệ bóng đá hôm nay kèo nhà cái current solvency ratio is 2.8 times (compared to tỷ lệ bóng đá hôm nay kèo nhà cái industry average of only 2.1 times), and tỷ lệ bóng đá hôm nay kèo nhà cái EBITDA/Short-term Debts ratio is 3.7 times (tỷ lệ bóng đá hôm nay kèo nhà cái highest in tỷ lệ bóng đá hôm nay kèo nhà cái group and 3 times higher than tỷ lệ bóng đá hôm nay kèo nhà cái industry average).

Solvency ratios of real estate enterprises
Source: Enterprises’ financial statements, calculated by Mirae Asset Vietnam Research

When looking at tỷ lệ bóng đá hôm nay kèo nhà cái current financial indicators of Vietnam's real estate enterprises, it is evident that these indicators are still at a low level; however, Evergrande’s debt ratio and liabilities have crossed tỷ lệ bóng đá hôm nay kèo nhà cái "red line," and tỷ lệ bóng đá hôm nay kèo nhà cái debt dues are pretty high. tỷ lệ bóng đá hôm nay kèo nhà cái debt ratios of Vietnamese residential real estate enterprises are generally acceptable. According to tỷ lệ bóng đá hôm nay kèo nhà cái initial assessment of Maybank Kim Eng Securities (MBKE), it is inappropriate to compare Evergrande's incident to some Vietnamese enterprises with similar business lines. tỷ lệ bóng đá hôm nay kèo nhà cái report points out that one of tỷ lệ bóng đá hôm nay kèo nhà cái most noticeable differences (and tỷ lệ bóng đá hôm nay kèo nhà cái most serious problem of Evergrande) is that Evergrande’s debt ratio is at a very high level, much higher than that of all Vietnam's real estate businesses.

A recent VNDIRECT report shows that there are 3 factors driving residential real estate demand in tỷ lệ bóng đá hôm nay kèo nhà cái second half of 2021 and 2022. Firstly, a large-scale market recovery will help boost tỷ lệ bóng đá hôm nay kèo nhà cái real estate industry in tỷ lệ bóng đá hôm nay kèo nhà cái second half of 2021 and 2022. tỷ lệ bóng đá hôm nay kèo nhà cái world economy will soon be reopened in tỷ lệ bóng đá hôm nay kèo nhà cái second half of 2021 as a result of tỷ lệ bóng đá hôm nay kèo nhà cái rapid vaccination deployment. Second, mortgage interest rates remain low, which stimulates housing demand. Domestic banks' mortgage interest rates remained relatively stable in 1H2021, at 9.2 – 9.5 percent - tỷ lệ bóng đá hôm nay kèo nhà cái lowest in 10 years. Third, promoted infrastructure development will be tỷ lệ bóng đá hôm nay kèo nhà cái primary driver of future real estate market growth. With stable financial indicators and positive market potentials, tỷ lệ bóng đá hôm nay kèo nhà cái Evergrande incident is considered unlikely to happen in Vietnam and will have no impact on tỷ lệ bóng đá hôm nay kèo nhà cái domestic real estate market, which is steadily growing.