SSI Research raised forecast for Vinhomes stock to VND 61.60 trillion

Published on 10/08/2026 at 12:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half sales reached VND 148.10 trillion, up 119 percent year over year. SSI sees Vinhomes stock at 2.20 times projected book value.

Vinhomes, VN000000VHM0, Illustration mit AI erstellt.

SSI Research raised its 2026 forecast for profit after tax attributable to Vinhomes shareholders by 10 percent to VND 61.60 trillion in a report dated September 17, 2026, according to Nguoi Quan Sat. The forecast puts the property developer on a faster earnings path, but the cash profile remains an important counterweight.

Sales growth leads the forecast

SSI Research projected 2026 sales of VND 284.60 trillion, up 39 percent from 2025, while first-half sales reached VND 148.10 trillion, up 119 percent from the same period a year earlier. Large-lot transactions represented 81 percent of first-half sales, leaving retail sales with a 19 percent share, Nguoi Quan Sat reported.

For the second quarter of 2026, SSI Research cited NPATMI of VND 22.70 trillion, up 202 percent year over year but down 11 percent from the prior quarter. Gross margin reached 68.60 percent, compared with 48.20 percent in the first quarter and 22.10 percent in the year-earlier period.

Profit estimates point higher

A separate VCBS analysis projected third-quarter 2026 revenue of VND 59.30 trillion, up 261 percent year over year, and profit after tax of VND 15.20 trillion, up 243 percent. For full-year 2026, the same analysis estimated revenue of VND 225.50 trillion, up 47 percent, and profit after tax of VND 81.30 trillion, up 88 percent, according to Doanh Nhan.

Those estimates build on Vinhomes' reported first-half 2026 net profit of VND 52.09 trillion, which represented 86.80 percent of its full-year plan. Nodudo reported that converted consolidated net revenue reached VND 134.21 trillion, up 203 percent year over year.

Debt and valuation matter

SSI Research projected negative operating cash flow of VND 58.74 trillion for 2026 and inventory of VND 285.84 trillion, up from VND 131.42 trillion in 2025. It also placed projected 2026 debt to equity at 0.80 times, compared with 0.68 times for 2027, and said projected price to book stood at 2.20 times versus a five-year average of 1.70 times.

The latest independent market reference identifies Vinhomes as VHM.VN on HOSE under ISIN VN000000VHM0, with real estate as its sector, according to Global Banking and Finance Review. The combination of higher earnings estimates and projected negative operating cash flow leaves execution and funding as the key figures for assessing the forecast.