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.

External broker reports(aggregated public sources)

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

Khang Dien

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