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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In 2Q/2026, KDH recorded net revenue of VND 160.6 billion (-84.7% YoY), significantly lower than expectations due to slow delivery progress at the Gladia low-rise project and an unusual "sales returns" item (VND 77.8 billion).</li><li>NPAT-MI grew sharply by +277% YoY, reaching VND 749.8 billion, thanks to financial income (VND 896.3 billion) following the divestment and loss of control at the Binh Trung Moi project.</li><li>Inventories continued to increase to VND 29,488 billion (+26.8% YTD) as KDH accelerated construction and site clearance at Tan Tao, BT-BTD, Phong Phu 2, and Binh Hung 11A residential areas. </li></ul>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.

In 2Q/2026, KDH recorded net revenue of VND 160.6 billion (-84.7% YoY), significantly lower than expectations due to slow delivery progress at the Gladia low-rise project and an unusual "sales returns" item (VND 77.8 billion).NPAT-MI grew sharply by +277% YoY, reaching VND 749.8 billion, thanks to financial income (VND 896.3 billion) following the divestment and loss of control at the Binh Trung Moi project.Inventories continued to increase to VND 29,488 billion (+26.8% YTD) as KDH accelerated construction and site clearance at Tan Tao, BT-BTD, Phong Phu 2, and Binh Hung 11A residential areas. 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 - Delivery trough, BT project enters initial investment phase

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

<ul><li>In Q1/2026, KDH recorded net revenue of VND 281.4 billion (-60% YoY), mainly from the handover of low-rise products at the Gladia project.</li><li>Although core business activities narrowed compared to the same period last year, NPAT-MI recorded a growth of +131% YoY, reaching VND 281.4 billion, thanks to the gain from a bargain purchase (VND 285.2 billion) after completing the acquisition of An Lap Real Estate Development JSC.</li><li>A notable highlight this quarter is the land bank expansion strategy, with inventory increasing to VND 29,126 billion (+25% QoQ).</li></ul>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.

In Q1/2026, KDH recorded net revenue of VND 281.4 billion (-60% YoY), mainly from the handover of low-rise products at the Gladia project.Although core business activities narrowed compared to the same period last year, NPAT-MI recorded a growth of +131% YoY, reaching VND 281.4 billion, thanks to the gain from a bargain purchase (VND 285.2 billion) after completing the acquisition of An Lap Real Estate Development JSC.A notable highlight this quarter is the land bank expansion strategy, with inventory increasing to VND 29,126 billion (+25% QoQ).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 - Product Portfolio Diversified Thanks to the Launch of Gladia High-Rise

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.</li><li>Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.</li><li>In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li></ul><div class="content-highlight">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.</div>

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.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.

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 on KDH but lower our target price (TP) by 3% to VND42,600/share.</li><li>Our lower TP is mainly due to a higher net debt balance, lower valuation for other projects following the end-Q1 2026 book value update, and dilution from the 2026 AGM-approved ESOP.</li><li>These factors are partly offset by a higher valuation for the Cat Lai project (8.2 ha; Cat Lai Ward, HCMC) and rolling our TP horizon forward to mid-2027 from end-2026.</li></ul>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.

We reiterate our BUY rating on KDH but lower our target price (TP) by 3% to VND42,600/share.Our lower TP is mainly due to a higher net debt balance, lower valuation for other projects following the end-Q1 2026 book value update, and dilution from the 2026 AGM-approved ESOP.These factors are partly offset by a higher valuation for the Cat Lai project (8.2 ha; Cat Lai Ward, HCMC) and rolling our TP horizon forward to mid-2027 from end-2026.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 +79.4%] - Undemanding Valuation, Earnings Upcycle Ahead

Vietnam

Khang Dien is a real estate development company in Vietnam, specializing in the construction, sale, and leasing of houses, townhouses, villas, and high-rise apartments. The company also invests in infrastructure and provides real estate consultancy and management services. Khang Dien was founded in 2001 and is headquartered in Ho Chi Minh City, Vietnam.

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Khang Dien (KDH VN)

KDH - Delivery trough, BT project enters initial investment phase

NPAT-MI grew sharply by +277% YoY, reaching VND 749.8 billion, thanks to financial income (VND 896.3 billion) following the divestment and loss of...

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

KDH - Product Portfolio Diversified Thanks to the Launch of Gladia High-Rise

In Q1/2026, KDH recorded net revenue of VND 281.4 billion (-60% YoY), mainly from the handover of low-rise products at the Gladia project.

Rong Viet Securities

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

KDH [BUY +79.4%] - Undemanding Valuation, Earnings Upcycle Ahead

Our lower TP is mainly due to a higher net debt balance, lower valuation for other projects following the end-Q1 2026 book value update, and...

Vietcap

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