KDH – Update – Attractive valuation with risks largely priced in
Posted: Mar 4, 2026
- In 2025, KDH recognized NPATMI of VND 1,053 bn (+30% yoy), fulfilling 105.3% of the company’s full year target and 96% of our forecast.
- We expect a strong operational inflection during 2026-2027, with net profit projected to grow by 31% and 99% yoy, respectively.
- We reiterate our ADD rating but lower our target price to VND 37,000/share to reflect interest rate risks and their potential impact on the real estate market and absorption rates.
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