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Sunshine Group Joint Stock Company (HNX: KSF) has just announced impressive business targets for the last two quarters of the year, with projected revenue nearing VND 30,000 billion. The post-tax profit is expected to reach approximately VND 1,474 billion in Q3 and VND 12,419 billion in Q4, bringing the total annual post-tax profit to an estimated VND 14,000 billion—18 times higher than the previous year and far exceeding the target set at the beginning of the year’s AGM. Financial indicators for Q4 are also forecasted to surge dramatically: ROE at 89%, P/E dropping to 2.2, and equity capital of VND 24,456 billion (a fourfold increase from the previous quarter). This positions Sunshine Group as one of the most profitable and attractively valued companies in the real estate sector.
These figures underscore the market’s strong confidence in Sunshine Group and the tangible effectiveness of its comprehensive restructuring strategy, which has been aggressively implemented since 2024.
Even before fully unveiling its multi-billion-dollar projects, Sunshine Group has secured the second-highest market capitalization in the real estate sector, just behind Vinhomes.
A key strategic highlight in Sunshine Group’s restructuring process is the successful public acquisition of Sunshine Homes (SSH), boosting its market capitalization to nearly VND 80,000 billion—second only to Vinhomes in the real estate industry.
However, industry experts believe that the current market capitalization does not fully reflect Sunshine Group’s scale and long-term growth potential. This is evident from the economic concentration dossier submitted by Sunshine Group, which was approved by the National Competition Commission under the Ministry of Industry and Trade in June 2025.
Sunshine Group is focusing on large-scale economic consolidation and system standardization to build a superior enterprise, aiming to become a leader in the real estate sector in Vietnam and the region.
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According to this dossier, in addition to Sunshine Homes, Sunshine Group is actively pursuing M&A deals with several large-scale real estate and construction companies, including: Sunshine Sky Villa JSC, DIA Investment JSC, Sunshine Tay Ho JSC, Thien Hai JSC, Wonderland Real Estate JSC, Thai Minh Land JSC, Long Bien Land LLC, Kim Thanh Trading LLC, and notably, SCG Construction Group JSC (HNX: SCG).
With a total revenue of over VND 300,000 billion from the 2025–2027 handover portfolio, Sunshine Group is committed to delivering “real value for end-users.”
Through its large-scale acquisitions and consolidations, Sunshine Group has secured a portfolio of multi-billion-dollar projects with complete legal frameworks, scheduled for handover between 2025 and 2027. The total projected revenue from these projects exceeds VND 300,000 billion (excluding projects still in legal resolution or preparation phases). Notably, these projects are developed with a focus on delivering “real value for end-users,” featuring prime locations, sustainable luxury designs, comprehensive amenity ecosystems, and transparent legal processes.
In the Tay Ho Tay area, two standout projects are Noble Crystal Tay Ho WorldHotels Residence, a 5-tower complex with 40 floors each, scheduled for handover in Q2/2027, and Noble Palace Tay Ho, comprising nearly 500 villas and shop villas, set for handover in Q4/2025.
 Noble Crystal Tay Ho WorldHotels Residence—a branded residence project featuring nearly 1,000 luxury Sky Villas and over 50 high-end amenities, scheduled for handover in Q2/2027.
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Noble Palace Tay Ho—a limited collection of luxury villas and shop villas with private multi-purpose basements and discreet underground transportation systems, scheduled for handover from Q4/2025.
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In the Tay Thang Long area, Noble Palace Tay Thang Long is under synchronized construction with nearly 2,500 shophouses, scheduled for handover from Q4/2025. Meanwhile, Noble Palace Garden, featuring approximately 630 luxury garden villas, is set for handover in Q2/2026.
 Noble Palace Tay Thang Long spans over 70 hectares with nearly 2,500 townhouses, scheduled for handover from Q4/2025.
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In Long Bien, Noble Palace Long Bien, with nearly 200 villas, is in the final stages of construction for handover from Q4/2025. Noble Crystal Long Bien, featuring over 400 luxury Sky Villas, aims for handover from Q3/2026. Both projects benefit from the upcoming construction of the Tran Hung Dao super bridge.
Noble Palace Long Bien is progressing rapidly, with some units already reaching the roof level, scheduled for handover from Q4/2025.
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In the southern region, two mega-projects—Noble Crystal Riverside with 12 towers and over 3,000 luxury apartments, and Sunshine Sky City with 9 towers and nearly 3,500 apartments—are being actively developed.
Sunshine Sky City has completed and launched Sky 1 tower, topped out Sky 2, Sky 3, and Sky 4 towers in 2024, and is set to handover over 1,100 apartments from Q1/2026.
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Alongside these large-scale project developments, Sunshine Group has surprised the market with recent notable moves, such as simultaneously breaking ground on two mega-projects—Sunshine Legend City (Hung Yen) and Sunshine Bay Retreat Vung Tau (Ho Chi Minh City)—on August 19, with a total investment of over USD 3 billion. Additionally, the group has formally proposed to participate in the auction of 3,790 resettlement apartments in the Thu Thiem New Urban Area and aims to replace Lotte in the Thu Thiem Eco Smart City project, valued at over VND 20,000 billion.
 Sunshine Legend City is creating a buzz in eastern Hanoi with nearly 8,000 luxury apartments delivered to 5-star standards, priced 20–25% below market rates.
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These rapid and strategic moves demonstrate Sunshine Group’s meticulous preparation for a breakthrough growth phase from 2025 to 2030, as well as its readiness to integrate deeply into the global value chain.
– 14:08 01/10/2025
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