Luan vinhomes

Vinhomes Recommendation: Long The best - most advantaged, most dominant and most profitable company in Vietnam EXPECTED RETURN TIMEFRAME POSTED 151.5% Years To Years 11/1/2019 Author: Luan Nguyen Posted While At: Van Nhat Report Generated By Disclaimer SumZero is not a registered investment advisor or broker-dealer, and is not licensed nor qualified to provide investment advice There is no requirement that any of our Information Providers be registered investment advisors or broker-dealers Nothing published or made available by or through SumZero should be considered personalized investment advice, investment services or a solicitation to BUY, SELL, or HOLD any securities or other investments mentioned by SumZero or the Information Providers Never invest based purely on our publication or information, which is provided on an "as is" basis without representations Past performance is not indicative of future results YOU SHOULD VERIFY ALL CLAIMS, DO YOUR OWN DUE DILIGENCE AND/OR SEEK YOUR OWN PROFESSIONAL ADVISOR AND CONSIDER THE INVESTMENT OBJECTIVES AND RISKS AND YOUR OWN NEEDS AND GOALS BEFORE INVESTING IN ANY SECURITIES MENTIONED INVESTMENT DOES NOT GUARANTEE A POSITIVE RETURN AS STOCKS ARE SUBJECT TO MARKET RISKS, INCLUDING THE POTENTIAL LOSS OF PRINCIPAL You further acknowledge that SumZero, the Information Providers or their respective affliates, employers, employees, officers, members, managers and directors, may or may not hold positions in one or more of the securities in the Information and may trade at any time, without notification to you, based on the information they are providing and will not necessarily disclose this information to subscribers, nor the time the positions the securities were acquired You confirm that you have read and understand, and agree to, our full disclaimer and terms of use, a copy of which can be accessed by visiting sumzero.com and that neither SumZero nor any of its Information Providers is in any way responsible for any investment losses you may incur under any circumstances Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" About Luan Nguyen I put 100% of my portfolio in one stock I have reached the level of Shibumi Shibumi has to with great refinement underlying commonplace appearances It is a statement so correct that it does not have to be bold, so poignant it does not have to be pretty, so true it does not have to be real Shibumi is understanding, rather than knowledge Eloquent silence In demeanor, it is modesty without prudency In art, where the spirit of shibumi takes the form of sabi, it is elegant simplicity, articulate brevity In philosophy, where shibumi emerges as wabi, it is spiritual tranquility that is not passive; it is being without the angst of becoming And in the personality of a man, it is how does one say it? Authority without domination? Something like that.” About Van Nhat I put 100% of my portfolio in one stock I have reached the level of Shibumi Shibumi has to with great refinement underlying commonplace appearances It is a statement so correct that it does not have to be bold, so poignant it does not have to be pretty, so true it does not have to be real Shibumi is understanding, rather than knowledge Eloquent silence In demeanor, it is modesty without prudency In art, where the spirit of shibumi takes the form of sabi, it is elegant simplicity, articulate brevity In philosophy, where shibumi emerges as wabi, it is spiritual tranquility that is not passive; it is being without the angst of becoming And in the personality of a man, it is how does one say it? Authority without domination? Something like that.” Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Vinhomes Asset Class: Equity Return Performance Symbol: VHM:VN Updated: 12/17/2019 Posted: 11/1/2019 RETURN TO DATE: EXPECTED BY: RETURN: Luan Nguyen +3.9% 151.5% 8.2% IRR: CURRENTLY AT RETURN VS Van Nhat 5.1% BENCHMARK: CURRENT RANKING: (S&P 500) #18 Special Situations - Jun '20 Pricing Details COMMUNITY RATING: VOTES PERCENTILE: 58% RECENT PRICE: The best - most advantaged, most dominant and most profitable company in Vietnam TARGET PRICE: INITIAL PRICE: LONG 99,400.00 VND 11/06/19 at 11:59PM 250,000.00 VND 95,700.00 VND 11/01/19 at 09:14AM CLOSING PRICE: ASSET CLASS: SITUATION: TARGET ALLOCATION: Equity GARP 10%+ Fundamentals CURRENCY CATALYSTS: Additional Data LTM P/E N/A FORWARD P/E N/A EV/EBITDA N/A 52 WK RANGE N/A MARKET CAP USD EV N/A EV FCF N/A TOTAL CASH N/A EV SALES N/A TOTAL DEBT N/A PRICE BOOK N/A BOOK VALUE PER SHARE N/A FCF YIELD N/A DEBT BOOK N/A DIV YIELD N/A THREE MO AVG DAILY VOLUME (USD) SELLSIDE CONSENSUS N/A TIMEFRAME: 2-5 Years Mutiples/Ratios Vietnamese Dong N/A SECTOR INDUSTRY COUNTRY N/A REGION Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Thesis Disclaimer: The author of this idea and the author's fund had a position in this security at the time of posting and may trade in and out of this position without informing the SumZero community Strategy I approach the market from many ways: - Improving fundamentals: Growth, ROIC - Paying down debt - Returning cash to shareholders and investors - Low cash conversion cycle - Golden cross - Surge in trading volume Most importantly, the ability to anticipate great things Looking at the vision, resources and credibility of a company and its management Invest when it's still early Most people wait until everything is great and the financials look good, then it's often too late and prices have become expensive The market works this way: buy the rumor and sell the news One must use the metaphysical mind to see things before others If seen by normal eyes, it's often too late Normal people get the satisfaction from being comfortable with the numbers, then they earn little returns Expectations are always high when the current fundamentals look good One must anticipate great fundamentals of the future Death trail 2012 – 2014, the real estate market faced up with the crisis, which scared everyone Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" People then searched for manufacturing, growth, dividend-paying, and fundamental stocks which were valued cheaply… all the definition of fundamental stock was vague then, the pioneers are the ones who make some first step at the beginning then more and more people followed them VNIndex rocketed from 2xx to 12xx with manufacture stocks that had 10 – 30 – 50x surge When the whole society together concentrated on the same direction of growth, fundamental, dividend-paying stock… there is a trail drawn by everyone, from the analysts to private investors, and institution investors, they all recommended and analyzed the same things, they were all very talented but if there were too many talented people, none of them were considered to be talented because stock market went the opposite way from the crowd As a result, the crowd would kill themselves If all investors realize the same value, the stocks will be priced expensively, which was very unattractive You all know that Vietnam's GDP is 7% but there is 20% from FDI business so that the real GDP growth rate is around only 5-6%, this is the average growth rate of the whole economy and all the manufacture businesses on the stock exchange At this level of GDP, after 30 years, GDP will increase by 5.1 times This is the average growth rate for the manufacturing stock “However” This word is very important because it has super destructive power The reason can be explained that if the amount of money pumped into the market over 30 years is 25% annually, the accumulated amount of total money supply M2 after 30 years will increase by 807 times As a result, the value of the land on with average condition location will increase at the same pace; the land with better location can even rise by 5,000 – 10,000 times such as My Dinh, Ha Dong, Dong Anh, Thu Thiem, Ecopark… This is the reason why all the long term cash flowed into real estate The growth rate of real estate rising price was even – times compare to the whole economy growth rate If that growth rate of -5 times the GDP growth is not enough to scare people The fact that the GDP only grows at 5.1 times while the real estate price increases by 807 – 10,000 times is aghast That was once again become a reason for real estate to attract all the money in society The reason for which the rich of real estate could make money very quickly was that the huge amount of cash of society flowed into Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" this segment The wisest guys, only the wise people could realize where they were to isolate them from the trail when the whole society cannot They threaded behind the crowd to collect all the real estate stocks valued cheaply, which were considered as non – fundamental, non – dividend by the crowd The majority of investors then thought that those types of stocks were trash But those stocks were very cheap and attractive They possessed the profit velocity since the price of the real estate had the growth rate of times more than the GDP and the manufacturing stock growth rate They had high asset safety along the time because the land can be sold with the same capitalization value The manufacturing stock will never be sold with that value even 20 – 50 years afterward They could even have unlimited EPS reaching a hundred thousand or millions when the land price increase x times They could also absorb a huge amount of money from the giant guys, and the rich people because they were the king of stock which were temporarily forgotten In the long term, all the money would flow into this segment And the new generation of the rich will be born In some more years, when the money supply increases to enhance the economy, the crowd will once again concentrate on real estate, the trail will be drawn once again because trading land is the fastest way to make money Real estate stock, which is the super valuable stock, is the king on the stock exchange Afterward, all the professionals, analysts, brokers, investors again become a herd making acclamation on the real estate stocks in the same way they are now doing with the manufacturing stocks Asking anyone how to make money as fast as possible, the answer will be “buying real estate stocks” Of course, a bubble will then be created Looking at what happened in the past to know clearly how the real estate stocks were crazily praised when they pumped money into the market “Rocketing to 728k, splitting to earn 3, continue to rocket to 2,500,000” It is said that when there are very few shares that the stocks can rise with that pace In 2007, it must be admitted that there were very few shares, but the money supply was also limited then, which Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" was over 1,000,000 billion In the hot time of this cycle, the money supply may reach 30,000,000 billion while land bank is very rare now due to the new regulation for land and the long time of the procedure The history may be recalled but much more scary than the last cycle Investment thesis on Vinhomes: Vinhomes has the dominant share of Vietnam’s housing sales and a landbank that is 20x larger than the country’s next biggest developer Vinhomes is the housebuilding arm of Vingroup (VIC), one of Vietnam's leading real estate companies Vinhomes includes all of VIC's residential and office development activities, and operates under the well-known Vinhomes brand History & Market Position Vinhomes launched its first development project in 2008, and has subsequently developed ever-bigger projects including Times City, Central Park Gardenia, etc, with the most recent projects comprising more than 40,000 condos per property Vinhomes is now the clear market leader in Vietnam resi development, with a 19% share of the overall residential market, and ca 38% share of the high-end and luxury segment in Hanoi and Ho Chi Minh City (HCMC) Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Residential Market - Price & Volume Trends Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" In recent years, Vietnam has experienced one of the fastest GDP growth rates in the ASEAN region, with 6.8% YoY growth in 2017 and 7.1% in 2018 It is also experiencing a high rate of urbanisation, with the UN projecting a 2.8% CAGR increase in the urban population between 2018 and 2025, higher than any of the Philippines, Malaysia, Indonesia or Thailand The urban housing market is comprised of two major cities: Hanoi and HCMC While the Hanoi market is lower-growth and oversupplied, demand in HCMC is growing quickly, although the number of delivered units declined by 6% YoY in 2018 due to delays in planning and other legal requirements This has led to a shortage of units, evidenced by a near-100% takeup rate for recent projects, and a 47% increase in prices YoY in HCMC in 2018: Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" However, we are hearing on the ground that the permissioning backlog is being resolved, and the market is starting to move again, opening the way for higher deliveries and higher profitability for VHM going forward This is also confirmed by their positive recent results release (see below) Valuation There is no question that VHM looks expensive on a trailing basis, relative to regional peers, with a trailing P/E of 20x, PB of 6x and EV/Sales of 6.4x However, we forecast a substantial jump in profitability in 2019 and 2020, given both price and volume increases for residential product We forecast 2020 revenue of VND 79tn (vs 38.6tn in 2018), EBITDA of VND 24.6tn (vs 7.9tn in 2018), NI of VND 24.7 (vs 14.3tn) and the book value of the company increasing to VND 88tn (vs 48tn in Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" 2018) On these forward metrics, the company is on 3.8x sales, 3.4x P/B, 13x EBITDA and 12.2x P/E, all of which compare favourably with regional peers Background Good long-term prospects for the city: HCMC is largely a flat city and the high-rise industry is less than 20 years old However, we think this will evolve as infrastructure gets developed, in particular metro lines, which makes high-rise living more desirable near transportation nodes Eight metro lines are planned, with Metro Line No.1 scheduled for completion in 2020 If infrastructure developments get done, long-term prospects are good, in our view Mid-end segment is the sweet spot for developers: Developers in HCMC are more focused on the mid-end (USD1-2.5k psm) and high-end (USD2.5-3.5k psm) segments of the market With a typical mid-end product priced at USD100k (2bedder, 70sqm priced at USD1.5k psm), it is affordable for young couples who have an annual household income of USD24k This segment also caters largely to endbuyers and locals – according to Novaland (NVL VM, not rated), which operates in the mid-to-high-end segment, more than two-thirds of buyers are end users and foreigners make up less than 1% On the other hand, the luxury segment (USD4k+ psm) is small and appears saturated, while the affordable segment (sub-USD1k psm) is regulated and difficult to make money in Land banking and ability to secure permits is key: Ability to secure land bank in the right locations in HCMC is key The government has been reviewing past assignment of land use rights and has delayed the issuance of permits in many instances Our discussions suggest that District has been most problematic In this regard, we note 40% of Novaland’s 653ha landbank is in District The city has mostly developed southward (District and 7) and eastward (District 2), but with Metro Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Line No.1, we think that locations in District could gain in popularity Thesis We think Vinhomes is the best way to play the increasing shortage of upper-end residential stock in Vietnam As the largest player by far, with a significant landbank and a history of delivering tens of thousands of condominiums over 10+ years, we think it is very well positioned in a sector which is at the intersection of positive macro trends: Cyclical and secular growth: We believe the housing sector will mirror a cyclical and secular uptrend in the Vietnamese economy Being the largest residential property developer in Vietnam, Vinhomes is well positioned to benefit Ramp-up in infrastructure spending Vietnam’s public- and private-sector infrastructure investment averaged 5.7% of 2016 GDP, the highest such level in Southeast Asia.FDI inflows, which jumped 44% to US$36bn in 2017, were attributed mainly to the processing, manufacturing, utility, and real estate sectors We believe public infrastructure upgrades (e.g., metro lines, Van Don international airport, Long Thanh international airport, Ha Long-Hai Phong expressway, North-South National expressway) should improve connectivity and traffic flow between cities, driving tourist arrivals,higher retail turnover,and the development of real estate markets Housing is affordable, yet home ownership remains low Housing affordability appears compelling in areas like Ho Chi Minh City According to JLL, the homeprice-to-income ratio in HCMC is around years, declining from a peak of 7.2 years in 2010 This compares with an average of around years for ASEAN cities such as Kuala Lumpur, Jakarta, Bangkok,and Manila CBRE estimates that the proportion of Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" households that own a condominium in both Hanoiand HCMC, combined, range from 8-15% Given the relaxation of foreign ownership rules, rising affluence,and urbanization, we believe there is scope for growth in the condominium market Development of the Mortgage Market: Vietnam’s mortgage market is still relatively underpenetrated at around 2% of GDP – one of the lowest such levels in Southeast Asia As mortgage rates become more competitive, and as the financial sector develops, we believe there is potential to tap into the unbanked population This should in turn drive home sales We think that VHM enjoys the following strategic and structural advantages operating within it's sector: Scale Vinhomes has the dominant share of Vietnam’s housing sales and a landbank that is 20x larger than the country’s next biggest developer We believe this positions it to benefit from a cyclical and structural uptrend in the Vietnam housing market,as it leverages economies of scale to drive up profit margins and ROE Market share Vinhomes has the largest market share of residential sales in Vietnam,at 15% of Ho Chi Minh City and Hanoi sales in 2015-17, more than 3x its next largest competitor Across ASEAN, Vinhomes can be compared to top local players such as CDLin Singapore, Pruksa in Thailand, Ayala Land in the Philippines, BSDE in Indonesia,and SP Setia in Malaysia We believe Vinhomes’ dominant market share has positive implications for pricing power, project margins and thus profitability More pricing power Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" With its dominant market share in home sales, we believe Vinhomes is more of a price setter than a price taker,giving it wider project margins – Vinhomes expects its projects to continue to sell at a 10- 20% premium over comparable competing projects Vinhomes is in a position of relatively strong bargaining power within the value chain, in our view,and may be able to command favourable pricing from property agents and banks that provide mortgages to home buyers In early 2018, Vietnamese banks offered first-year promotional mortgage rates as low as 7.5%, before reverting to floating market rates of 10-11%,according to JLL Lower selling expenses We believe Vinhomes’ scale awards it more cost efficiencies and lower selling costs per unit, which could fall further from 2017 levels Sales consultant fees comprise 4% of revenues, but the fees are no longer payable,according to Vinhomes, following the completed acquisition of a broker manager on 2February 2018 Lower construction costs Construction costs at Vinhomes are 15-20% less than its Vietnamese peers,according to the company With a centralized purchasingunit within the group, Vinhomes is able to buy materials in bulk, in advance, and at better terms Largest landbank Having access to a large landbank is key to maintaining a leading position in home sales,and Vinhomes has the largest landbank in Vietnam by a wide margin, with around 20x more land than that of the next-largest Vietnamese developer In fact, it has one of the largest landbanks across ASEAN, and furthermore Vinhomes has the right to acquire future land from parent Vingroup at cost Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Excluding a potential land allocation of 31mn sqm from a proposed metro development, Vinhomes has 164mn sqm of landbank, of which 37mn sqm (equivalent to 95mn sqm in GFA) is slated for residential development Of its residential landbank, 52% of the area is in HCMC and Hanoi, while the bulk of the remainder is in Quang Ninh, 170km from Hanoiairport Even without any replenishment, Vinhomes believes its existing landbank is enough to sustain sales for the next 15 years Why this matters As a key raw material required to develop homes, we believe access to both quantity and quality of land is an important differentiating factor for developers Access to a large landbank not only allows a developer to maintain a lead in the housing market (such as City Developments in Singapore or Ayala Land in the Philippines), it also allows for flexibility to cater to changing demand trends through the cycle (such as BSDE in Indonesia) Vingroup ecosystem Vinhomes’ affiliate companies within the broader Vingroup are also leaders in their respective industries We see this as a positive,as Vinhomes is able to leverage the Vingroup ecosystem to offer township development capabilities,as well as,at a smaller scale, mixed development projects that offer amenities within the compound This more differentiated product offering allows Vinhomes to set pricing at a premium to peers, in our view,and is supportive of wider project margins and stronger ROEs As an example, Vinhomes Golden River’s ASP of US$4kpsm was 65% above the ASP of launches in the vicinity in 2015-17 Latest update The net revenue and profit after tax of Vinhomes in the third quarter were VND Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" 10,906 billion and VND 6,142 billion respectively, up nearly 60% over the same period in 2018 Vinhomes Joint Stock Company has just released the consolidated financial statements for the 3rd quarter with the latest months' revenue of 10,906 billion VND, up to 59% compared to the same period last year.In particular, real estate transfer services accounted for 92% of revenue Thanks to a slight decrease of 2% of COGS, Vinhomes' gross profit is 2.5 times higher than the third quarter of 2018, reaching VND 6,766 billion.The company's gross profit margin in the last quarter amounted to 62% compared to 39% in the same period Vinhomes said its revenue growth and gross profit margin in the third quarter were higher than the same period thanks to product wholesale activities in two major projects Vinhomes Smart City and Vinhomes Ocean Park in Hanoi Regarding the Vinhomes Smart City project, in early October, Thai Son Construction Investment Joint Stock Company - a subsidiary of Vinhomes - transferred lots with an area of ​33 ha, worth VND 5,600 billion for a HBI's real estate investment business in Hanoi HBI Joint Stock Company is located at 203 Nguyen Huy Tuong, Thanh Xuan Trung Ward, Thanh Xuan District.This is the investor of the Imperia Garden luxury apartment project in Hanoi Besides, another large urban project of Vingroup subsidiary Vinhomes Grand Park in Ho Chi Minh City also has more than 10,000 successful apartments in weeks after opening for sale in early July In this accounting period, Vinhomes financial revenue decreased by 36% from3,685 billion VND in the same period of 2018 to2,340 billion VND The reason is that the Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" company did not generate nearlyVND 2,000 billion in incomefrom investment liquidation activities as in the third quarter of 2018 Meanwhile, the revenue from the business cooperation contract (BCC) with the parent group Vingroup and some subsidiaries in Vinhomes Riverside - The Harmony, Vinhomes Imperia Hai Phong, Vinhomes Dragon Bay, Vinhomes Star City projects Thanh Hoa and Vinhomes Skylake increased by 26% to VND 1,638 billion In the context of increased revenue, cost of advertising and marketing in the period Vinhomes increased almost 40 times from billion to 232 billion.However, brokerage commission cost of the business was only 22% over the same period, reaching VND 32 billion when the majority of revenue came from the wholesale of large projects Subtracting other expenses and corporate income tax, Vinhomes' net profit in the third quarter was VND 6,142 billion, 52% higher than the 4.039 billion net profit of the same period last year.This is the second highest profit after tax of Vinhomes from the beginning of 2018 until now after the previous quarter's record In months, the revenue of Vinhomes is 37,642 billion dong, 68% higher than the same period of 2018 The project with the largest revenue contribution is Vinhomes Ocean Park with 21,800 billion dong.9-month profit after tax was VND 17,348 billion, up 44% The total value of real estate contracts signed and received new deposits in the first months including business cooperation projects with Vingroup and its subsidiaries Vinhomes reached 66,552 billion, up 177% over the same period period last year Risks Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Economic slowdown Real estate slowdown Credit tightening Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Idea Updates 11/18/2019 Positive Update 11/30/2019 Positive Update 12/11/2019 Vingroup will earn over US $ 11 billion from three major projects, with plans to deploy 20 more new projects in the next 10-15 years KB Vietnam Securities Company (KBSV) has just updated the business situation of Vinhomes Joint Stock Company, a subsidiary of Vingroup Accordingly, KBSV estimates that the total revenue from the three major TARGET PRICE 200000.0 VND Positive Update 200.0 >VND I just talked to an investment manager in a real estate co in HCMC and he told me its rare and almost impossible to find clean, cleared projects in HCMC to buy and develop No more supply This is why rent and RE prices keep going up https://phumyhung.vn/en/introduction/about-company PMH acquires a huge project, say 200 hectarer, to build a new Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" Comments Portfolio Manager $500M - $1B HEDGE FUND NOVEMBER 18, 2019 Are there any political linkages that explain VHM's market leadership and ability to gain building approvals faster than its competitors? Luan Nguyen VAN NHAT NOVEMBER 18, 2019 Sure, they have the strongest political connections in Vietnam Any companies in VN that want to get land must have political connections and VHM has the strongest Join the discussion on SumZero by visiting sumzero.com/pro/research/ideas/17951" About SumZero SumZero is the world’s largest community of investment professionals working at hedge funds, mutual funds, and private equity funds With nearly 15,000 pre-screened professionals collaborating on a fully-transparent platform, SumZero fosters the sharing of many thousands of proprietary investment reports every year and offers several ancillary services in support of that effort These free services include capital introduction services, buyside career placement services, media placement, and more SumZero’s membership base is represented by analysts and PMs at nearly all of the world’s largest and most prominent investment funds 10,000+ Ideas Published on SumZero REGION MARKET CAP TIMEFRAME North America - 77.5% Small Cap - 25.2% Less than months - 4.0% Western Europe - 10.2% Mid Cap - 21.6% 3-6 months - 8.0% East and South Asia - 7.9% Mega Cap - 14.4% mo - Year - 26.4% Other - 4.4% Micro Cap - 14.0% 1-2 Years - 39.4% Large Cap - 13.4% 2-5 Years - 22.2% Nano Cap - 11.5% IDEA BREAKDOWN BY SECTOR Consumer Discretionary - 21.9% Energy - 7.7% Financials - 14.9% Materials - 7.5% Technology - 14.0% Consumer Staples - 6.5% Industrials - 10.3% Health Care - 6.1% Communications - 10.1% Utilities - 1.0% IDEA BREAKDOWN BY DIRECTION LO N G 85% SHORT 15% 21% of all ideas on SumZero contain at least one catalyst type A full write-up on SumZero contains an average of 2,376 words 8,000+ Companies Covered Join SumZero Visit https://sumzero.com to start your free trial  ... Vingroup and some subsidiaries in Vinhomes Riverside - The Harmony, Vinhomes Imperia Hai Phong, Vinhomes Dragon Bay, Vinhomes Star City projects Thanh Hoa and Vinhomes Skylake increased by 26%... real estate companies Vinhomes includes all of VIC's residential and office development activities, and operates under the well-known Vinhomes brand History & Market Position Vinhomes launched its... Smart City and Vinhomes Ocean Park in Hanoi Regarding the Vinhomes Smart City project, in early October, Thai Son Construction Investment Joint Stock Company - a subsidiary of Vinhomes - transferred