- KDH reported Q2 2026 revenue of VND161bn (USD6.1mn; -85% YoY and -43% QoQ) and NPAT-MI of VND750bn (USD28mn; +277% YoY and +166% QoQ). We are seeking management’s comments on the revenue breakdown; however, based on our assessment, low-rise handovers at Gladia were likely the primary revenue contributor. Meanwhile, Q2 2026 earnings were primarily driven by a one-off VND896bn (USD34mn) gain on the disposal of a subsidiary, following KDH's sale of a 2% stake in New Binh Trung (on June 23), reducing its ownership from 51% to 49% and resulting in the deconsolidation. The gain comprised a VND22bn (USD0.82mn) gain on the sale of the 2% stake and a non-cash VND875bn (USD33mn) gain reclassified from undistributed retained earnings.
- For H1 2026, KDH’s NPAT-MI was VND1.03tn (USD39mn; +221% YoY), completing 64% of our full-year forecast. Although the one-off gain in Q2 has not yet been incorporated into our forecasts, we currently anticipate no material change to our 2026F NPAT-MI forecast of VND1.6tn (USD61mn; +53% YoY), as we expect this gain to be largely offset by lower-than-previously-assumed recognition of Gladia low-rise units in 2026F, pending a fuller review.
- Gladia‘s high-rise subdivision (616 condos and 23 shophouses) obtained its sales permit and is scheduled to launch official presales from August 1, with bookings exceeding 2,000 units (per brokers, as of July 20).
- On July 7, the company announced the results of the shareholders' written voting, under which shareholders approved (1) KDH's participation in the Ma Lang and Cho Ga-Gao BT projects, and (2) the adjustment of total investment capital for the Tan Tao project (developed by a 100%-owned subsidiary; project scale: ~330 ha). For further details, please refer to our June 29 Vietnam Today report. We have yet to factor the BT project into our valuation and forecasts.
KDH’s Q2 & H1 2026 results
VND bn | Q2 | Q2 | YoY | H1 2025 | H1 2026 | YoY | 2026F | H1 as |
Net revenue | 1,047 | 161 | -85% | 1,759 | 442 | -75% | 6,272 | 7% |
Gross profit | 405 | 81 | -80% | 710 | 263 | -63% | 4,284 | 6% |
SG&A expenses | -112 | -134 | 19% | -228 | -230 | 1% | -711 | 32% |
EBIT | 292 | -53 | -118% | 482 | 33 | -93% | 3,573 | 1% |
Financial income | 4 | 906 | 216x | 24 | 913 | 38.3x | 41 | 23.1x |
Financial expenses | -54 | -30 | -45% | -102 | -47 | -54% | -236 | 20% |
Net other income | 3 | -23 | N.M. | -2 | 256 | N.M. | 279.1 | 92% |
PBT | 245 | 800 | 226% | 402 | 1,156 | 188% | 3,658 | 32% |
Tax expenses | -49 | -30 | -39% | -87 | -59 | -32% | -732 | 8% |
Minority interest | 3 | -20 | N.M. | 6 | -66 | N.M. | -1,323 | 5% |
NPAT-MI | 199 | 750 | 277% | 321 | 1,031 | 221% | 1,603 | 64% |
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Gross margin | 38.7% | 50.2% |
| 40.4% | 59.6% |
| 68.3% |
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SG&A as % of revenue | 10.7% | 83.4% |
| 13.0% | 52.0% |
| 11.3% |
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EBIT margin | 27.9% | N.M. |
| 27.4% | 7.6% |
| 57.0% |
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NPAT-MI margin | 19.0% | 466.8% |
| 18.2% | 233.3% |
| 25.6% |
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Source: KDH, Vietcap forecasts (last updated May 11, 2026)
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