- 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%).
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