External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Khang Dien House Trading and Investment JSC / Equity Bottom-Up

Khang Dien House Trading and Investment JSC

<ul><li>3Q25 came in strong with revenue rising 3.4x YoY to VND1,098bn and property sales climbingp 3.5x YoY to VND3,080bn.</li><li>Key contributor was Gladia’s low-rise component, which was launched in Sep-2025 but began delivering earlier than expected.</li><li>The project had completed its infrastructure and construction for 226 villas and townhouses but had held back the launch while waiting for sales-permit approval and a more supportive market backdrop. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

3Q25 came in strong with revenue rising 3.4x YoY to VND1,098bn and property sales climbingp 3.5x YoY to VND3,080bn.Key contributor was Gladia’s low-rise component, which was launched in Sep-2025 but began delivering earlier than expected.The project had completed its infrastructure and construction for 226 villas and townhouses but had held back the launch while waiting for sales-permit approval and a more supportive market backdrop. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Khang Dien House Trading and Investment JSC (KDH) - Visible Future Driver

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We reiterate our BUY rating for KDH and raise our target price (TP) by 3% to VND48,500/share.</li><li>Our higher TP is mainly driven by a higher valuation for Binh Trung Dong, increased book value for undisclosed pipeline, and rolling our TP horizon forward to end-2026.</li><li>We forecast 2025F NPAT-MI of VND1.04tn (USD39.5mn; +29% YoY; +1% vs prior), with Q4 2025F NPAT-MI of VND484bn (USD18mn; 2x QoQ and +22% YoY), driven by continued handovers of presold low-rise units at ‘Gladia by the Waters’ (11.8 ha; JV with Keppel; KDH 51%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We reiterate our BUY rating for KDH and raise our target price (TP) by 3% to VND48,500/share.Our higher TP is mainly driven by a higher valuation for Binh Trung Dong, increased book value for undisclosed pipeline, and rolling our TP horizon forward to end-2026.We forecast 2025F NPAT-MI of VND1.04tn (USD39.5mn; +29% YoY; +1% vs prior), with Q4 2025F NPAT-MI of VND484bn (USD18mn; 2x QoQ and +22% YoY), driven by continued handovers of presold low-rise units at ‘Gladia by the Waters’ (11.8 ha; JV with Keppel; KDH 51%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KDH [BUY +42.2%] - Strong Land Bank Monetization to Boost Earnings Growth

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.</li><li>We estimate the fair value of KDH to be VND 42,700, equivalent to the estimated P/B in 2025 of 1.5x.</li><li>KDH is one of the few real estate enterprises with a large land bank in HCMC (~650 hectares), mainly concentrated in strategic areas such as Thu Duc, Binh Chanh, Binh Tan – areas that are benefiting strongly from the process of urbanization and investment in regional infrastructure.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.We estimate the fair value of KDH to be VND 42,700, equivalent to the estimated P/B in 2025 of 1.5x.KDH is one of the few real estate enterprises with a large land bank in HCMC (~650 hectares), mainly concentrated in strategic areas such as Thu Duc, Binh Chanh, Binh Tan – areas that are benefiting strongly from the process of urbanization and investment in regional infrastructure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KDH - Potential Land Fund – Sustainable Growth in the Long Term

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

Thematic (Sector/Industry)

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Khang Dien House Trading and Investment JSC develops real estate and offers construction services.

Khang Dien House Trading and Investment JSC (KDH VN)

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Khang Dien House Trading and Investment JSC (KDH VN)

Khang Dien House Trading and Investment JSC (KDH) - Visible Future Driver

The project had completed its infrastructure and construction for 226 villas and townhouses but had held back the launch while waiting for sales...

Mirae Asset Securities

KDH [BUY +42.2%] - Strong Land Bank Monetization to Boost Earnings Growth

Our higher TP is mainly driven by a higher valuation for Binh Trung Dong, increased book value for undisclosed pipeline, and rolling our TP horizon...

Vietcap

KDH - Potential Land Fund – Sustainable Growth in the Long Term

In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.

Rong Viet Securities

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

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