Company Insight

Khang Dien House Trading and Investment JSC (HOSE: KDH) is one of the few developers that holds a substantial land bank within Ho Chi Minh City (HCMC – over 600 hectares). KDH is also a leading listed company in the development of mid- to high-end residential projects. Based on RNAV method, we recommend hold KDH with a target price at VND 44,100. The revenue and NPAT of KDH will increase in the future because: (1) KDH is among the top reputable developers and owns a substantial land bank in HCMC; (2) KDH can lead the recovery of the landed property market from 2025 to 2026 by launching Emeria and Clarita; and (3) having strong financial potential, with a high inventory-to-total assets ratio.