Company Insight

Khang Dien House Trading and Investment JSC (HOSE: KDH) is a rare enterprise possessing a large land bank within Ho Chi Minh City (over 500 hectares). Simultaneously, it's also among the top reputable developers in Vietnam and a leading listed company in the mid-to-high-end residential development segment. Although KDH's 2024 business results were lower than our expectations, the company's net revenue and NPAT still recorded positive results with increases of 57.0% YoY and 10.0% YoY, respectively.

In 2025, we forecast KDH to continue its growth momentum thanks to (1) capitalizing on the recovery of the landed housing market in the 2025-2026 period with the launch of a joint venture project with Keppel and (2) continuing the handover of the Privia project. We estimate full-year revenue to reach VND 6,131 billion (+87.0% YoY) with NPAT of VND 1,818 billion (+126.4% YoY). Based on RNAV method, we recommend hold KDH with a target price at VND 37,400.