Company Insight

In 9M2024, KDH's revenue reached VND 1,231 billion (-24.2% YoY), and NPAT was VND 410 billion (-38.5% YoY). Revenue from project handovers primarily came from (1) the continued handover of remaining units in the Classia project and (2) the restructuring of small land lot. Revenue and profit declined in 9M2024 as the main project handovers are scheduled for Q4.

We project KDH's 2024 revenue to reach VND 3,953 billion (+89.3% YoY) and NPAT to be VND 953 billion (+33.1% YoY), primarily driven by the handover of the Privia project from Q4/2024, which is expected to account for 69% of total revenue. We have adjusted our revenue forecast up by 5% from previous estimates, reflecting additional revenue from unplanned land lot sales.