KDH – Gladia will be the next "pillar" for Khang Dien's business
• The Privia project will continue to contribute to the business performance in the 2nd quarter of 2025, with more than 200 apartments and 20 shophouses remaining, expected to bring in VND 808 billion in revenue and VND 153 billion in profit and profit, maintaining a gross profit margin of around 43%.• The Gladia project – a strategic highlight of KDH in 2025, currently has a Construction Permit for the Emeria subdivision (67 units), is expected to open for sale in phase 1 in the 3rd quarter of 2025 with a total presales value estimated at VND 5,200 billion.
• We expect KDH's revenue in 2025 to reach ~VND 7,431 billion (+127% YoY), led by contributions from The Privia and Gladia. Currently, KDH shares are trading at a discount of 43% compared to RNAV, based on the stability of business results, development capacity and absorption capacity of projects in the near future, we believe that the discount will narrow as the market brings the stock price closer to its real value.
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