External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<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><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 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

Khang Dien

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