Ngày phát hành: 03/08/2015
Số lần tải về: 319
After a few years of downturn, the real estate sector has showed signs since 2014 of rebounding from the bottom of the cycle. We believe the residential sector, the most popular in the real estate market, has entered a growth phase due to the following: - Apartment transactions increased sharply in Q2/2015, with the highest quarterly transaction volume since Q4/2010. - Real estate inventory has declined significantly by around 13.7 percent compared with the end of 2014. - Credit for real estate has grown 11 percent in 1H2015, higher than overall credit growth of over six percent. - Government has implemented several catalysts, including new foreign property ownership rules and infrastructure spending plans. As of July 31, 2015, the real estate price index had increased by 11.1 percent during the previous twelve months, higher than VN-Index (+4.2 percent) and HNX-Index (+7.4 percent). Short-term assessment: We believe that developers of middle- and low-end segments will benefit most, especially real estate corporations owning projects in convenient locations such as Districts 2, 9, and 7 (Ho Chi Minh City), and in Hanoi and the surrounding areas. We have a positive view on VIC, NLG, KDH, and DXG. Long-term investment: In the long-term, as land banks become rarer and costs for land acquisition grow, we believe the best investment returns will come from developers who have already acquired large land banks at low prices. We also believe that enterprises exploiting those segments that can generate stable and long-term cash flows, such as commercial retail, industrial zones, office centers, and shopping malls will be the winners in the long term. We have positive long-term views for VIC, KBC, IJC, and DIG.