Thursday , November 30 2023

Phat Dat market cap to reach $5-7 billion in next 3 years: chairman

High growth rate and expanding land holdings will drive real estate giant Phat Dat’s valuation to US$5-7 billion by 2025, its chairman, Nguyen Van Dat, has said.

Phat Dat entered the billion-dollar club in February 2021, and its market cap then skyrocketed to $2.12 billion by October.

PDR is among the 30 largest capped stocks on the Ho Chi Minh Stock Exchange, and is now trading around VND94,000 ($4).

It reported revenues of VND3.63 trillion last year, a 7 percent decrease, but pre-tax profits rose by 150 percent to VND2.34 trillion. It is reported to possess 7,400 hectares of land.

Speaking at the annual general meeting on March 26, Dat said the market cap would at least double by 2025 to $5 billion, and $7 billion is the best case scenario.

He cited the recent $30 million convertible loan from ACA Investment at a conversion rate of VND120,000 for a share.

Phat Dat targets a tripling of revenues to VND10.7 trillion this year, and a 56 percent rise in pre-tax profits to VND3.6 trillion.

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