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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales from Classia contributed most of the company’s earnings.</li><li>1Q24 update: The company reported 1Q24 revenue of VND334bn (-21.4% YoY) and NPAT of VN200bn (-68.0% YoY).</li><li>We forecast consolidated revenue of VND3,822bn (+83.0% YoY) and NPAT of VND1,322bn (+82.7% YoY).</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>

Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales from Classia contributed most of the company’s earnings.1Q24 update: The company reported 1Q24 revenue of VND334bn (-21.4% YoY) and NPAT of VN200bn (-68.0% YoY).We forecast consolidated revenue of VND3,822bn (+83.0% YoY) and NPAT of VND1,322bn (+82.7% YoY).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 - Privia Dominates FY24 Earnings

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported 9M23 revenue of VND1,625bn (-3.2% YoY) and NPAT of VN654bn (-33.5% YoY).</li><li>The drop in NPAT was greater than that of revenue, due to one–off indemnification income of VND160bn and a bargain purchase of VND269bn (as mentioned in our previous reports).</li><li>Sales from residential property products accounted for most of the revenue, at VND1,570bn. </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>

Khang Dien House Trading and Investment JSC (KDH) reported 9M23 revenue of VND1,625bn (-3.2% YoY) and NPAT of VN654bn (-33.5% YoY).The drop in NPAT was greater than that of revenue, due to one–off indemnification income of VND160bn and a bargain purchase of VND269bn (as mentioned in our previous reports).Sales from residential property products accounted for most of the revenue, at VND1,570bn. 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 - Slowly but Steadily

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported FY22 revenue of VND2,912n (-22.1% YoY) and NPAT of VN1,082bn (-10.2% YoY).</li><li>Sales from residential property products attributed for most of the revenue, at VND2,851bn.</li><li>Revenue and NPAT also fell short of the fiscal plan by 27% and 21%, respectively.</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>

Khang Dien House Trading and Investment JSC (KDH) reported FY22 revenue of VND2,912n (-22.1% YoY) and NPAT of VN1,082bn (-10.2% YoY).Sales from residential property products attributed for most of the revenue, at VND2,851bn.Revenue and NPAT also fell short of the fiscal plan by 27% and 21%, respectively.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 - Staying Resilient Amid Hardships

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported 3Q22 revenue of VND802bn (-33.1% YoY) and NPATMI of VND351bn (+11.1% YoY).</li><li>The majority of the revenue came from the handover of townhouse and villa units in Classia.</li><li>In spite of the drop in revenue, gross profit rose slightly, from VND477bn to VND509bn (+6.7% YoY), thanks to higher gross margin.</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>

Khang Dien House Trading and Investment JSC (KDH) reported 3Q22 revenue of VND802bn (-33.1% YoY) and NPATMI of VND351bn (+11.1% YoY).The majority of the revenue came from the handover of townhouse and villa units in Classia.In spite of the drop in revenue, gross profit rose slightly, from VND477bn to VND509bn (+6.7% YoY), thanks to higher gross margin.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 / Non-Rated)  - 3Q22 Earnings Results

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>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

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)

Khang Dien House Trading and Investment JSC - Privia Dominates FY24 Earnings

Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales...

Mirae Asset Securities

Khang Dien House Trading and Investment JSC - Slowly but Steadily

Khang Dien House Trading and Investment JSC (KDH) reported 9M23 revenue of VND1,625bn (-3.2% YoY) and NPAT of VN654bn (-33.5% YoY).

Mirae Asset Securities

Khang Dien House Trading and Investment JSC - Staying Resilient Amid Hardships

Khang Dien House Trading and Investment JSC (KDH) reported FY22 revenue of VND2,912n (-22.1% YoY) and NPAT of VN1,082bn (-10.2% YoY).

Mirae Asset Securities

Khang Dien House Trading and Investment JSC (KDH / Non-Rated) - 3Q22 Earnings Results

Khang Dien House Trading and Investment JSC (KDH) reported 3Q22 revenue of VND802bn (-33.1% YoY) and NPATMI of VND351bn (+11.1% YoY).

Mirae Asset Securities

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

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