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

Index Rebalance

<ul>
<li>KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.</li>
<li>Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.</li>
<li>Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. </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>


KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.
Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.
Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. 

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.

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for KDH but cut our target price (TP) by 10% to VND43,700/share.</li><li>Our lower TP reflects more conservative ASP growth assumptions across projects over their sales timelines (3–5% vs 5–8% previously), higher SG&amp;A to support absorption amid higher interest rates, and a 0.1 ppt increase in our WACC assumption, partly offset by the inclusion of the Cat Lai residential project (8.2 ha; Cat Lai Ward, HCMC) in our valuation. </li><li>We forecast 2026F NPAT-MI to surge 59% YoY to VND1.7tn (USD63mn), largely driven by continued sales and handovers of Gladia’s low-rise units.</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 but cut our target price (TP) by 10% to VND43,700/share.Our lower TP reflects more conservative ASP growth assumptions across projects over their sales timelines (3–5% vs 5–8% previously), higher SG&amp;A to support absorption amid higher interest rates, and a 0.1 ppt increase in our WACC assumption, partly offset by the inclusion of the Cat Lai residential project (8.2 ha; Cat Lai Ward, HCMC) in our valuation. We forecast 2026F NPAT-MI to surge 59% YoY to VND1.7tn (USD63mn), largely driven by continued sales and handovers of Gladia’s low-rise units.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 +82.5%] - Core-HCMC Project Presales to Stay Strong Amid Headwinds

<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

<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

Thematic (Sector/Industry)

<ul><li>Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.</li><li>Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.</li><li>In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. </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>

Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. 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.

Stock recommendations (Vietnam Market)_February 2026

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Khang Dien (KDH VN)

Forecast – HoSE Indexes Review in 2Q26

Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%.

Mirae Asset Securities

KDH [BUY +82.5%] - Core-HCMC Project Presales to Stay Strong Amid Headwinds

We forecast 2026F NPAT-MI to surge 59% YoY to VND1.7tn (USD63mn), largely driven by continued sales and handovers of Gladia’s low-rise units.

Vietcap

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

Stock recommendations (Vietnam Market)_February 2026

Please change this text!Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)