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External broker reports(aggregated public sources)

Equity Bottom-Up

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

Khang Dien House Trading and Investment JSC (KDH VN)

Khang Dien House Trading and Investment JSC

<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