{"id":35524,"date":"2026-03-23T18:23:55","date_gmt":"2026-03-23T11:23:55","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=35524"},"modified":"2026-03-23T18:24:49","modified_gmt":"2026-03-23T11:24:49","slug":"en-gtjasvn_kdh-equityreport_updates-on-2025-business-result-and-recommendation_20mar2026","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_kdh-equityreport_updates-on-2025-business-result-and-recommendation_20mar2026\/","title":{"rendered":"(EN) GTJASVN_KDH EquityReport_Updates on 2025 Business Result and Recommendation_20Mar2026"},"content":{"rendered":"<p><strong><span style=\"font-family: helvetica, arial, sans-serif\">Entering an attractive accumulation range as downside priced in<\/span><\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>2025 Earnings Update<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In 2025, Khang Dien House (KDH) delivered solid business results, with revenue reaching VND 4,674 billion (+43% YoY) and net profit of VND 1,634 billion (doubling YoY), primarily driven by high-margin low-rise handovers at The Gladia project. However, the asset structure remains heavily skewed toward inventories (VND 23,264 billion, ~68.3% of total assets), while borrowings increased to VND 10,150 billion and operating cash flow has remained negative for multiple years. In the context of tighter credit conditions in the real estate sector, this remains a notable challenge. Nevertheless, we believe KDH maintains a relatively stable foundation, supported by gradual improvements in project legal progress, which lays the groundwork for upcoming development cycles and revenue recognition in the coming years.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Investment Thesis<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>(1) The Gladia underpins short-term growth<br \/>\n<\/strong>Low-rise units have entered the handover stage, enabling revenue recognition through 2026.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>(2) Pipeline projects support cash flow and reduce debt pressure <br \/>\n<\/strong>After The Gladia, KDH continues to develop a new phase of more than 600 units (groundbreaking in Jan 2026; expected sales from Q3\/2026), creating continuous cash flow.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">The Solina (11A), currently 13\/16ha cleared, is expected to launch from late 2026, together with Binh Trung Dong expansion, supporting medium-term revenue.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>(3) Long-term advantage from land bank and consistent development strategy<\/strong><\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\">KDH owns ~650 ha of land bank in Ho Chi Minh City, located in high-demand areas. Rising land prices and development costs reinforce its long-term growth advantage<strong>.<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATION:<\/strong> KDH is trading at ~1.6x P\/B, about 1 standard deviation below its 5-year average. We believe this level already reflects most macro risks and provides an attractive accumulation range for long-term investors. GTJAS VN recommends BUY, with a target price of VND 36,829\/share, implying 44.31% upside from the closing price of VND 25,500\/share on 20\/03\/2026<\/span><\/p>\n<p><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2026\/03\/ENG-GTJASVN_KDH-EquityReport_Updates-on-2025-Business-Result-and-Recommendation_20Mar2026.pdf\">[ENG] GTJASVN_KDH EquityReport_Updates on 2025 Business Result and Recommendation_20Mar2026<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-35524","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN_KDH EquityReport_Updates on 2025 Business Result and Recommendation_20Mar2026 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_kdh-equityreport_updates-on-2025-business-result-and-recommendation_20mar2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_KDH EquityReport_Updates on 2025 Business Result and Recommendation_20Mar2026 - GTJA\" \/>\n<meta property=\"og:description\" content=\"Entering an attractive accumulation range as downside priced in 2025 Earnings Update In 2025, Khang Dien House (KDH) delivered solid business results, with revenue reaching VND 4,674 billion (+43% YoY) and net profit of VND 1,634 billion (doubling YoY), primarily driven by high-margin low-rise handovers at The Gladia project. 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