Result Update Report: KDH - Newly acquired land bank to fuel mid-term outlook
“We remain positive with a 19% profit growth per annum during 2021-2024. In 2023, the recognition at the 11A (low-rise), Classia, Clarita and Le Minh Xuan projects will help the company reach revenue of VND 4,742 bn (or USD 206 Mn, +26% YoY) and NPAT-MI of VND 1,754 bn (or USD 76 Mn, +24% YoY). In 2024, we forecast revenue/NPAT-MI of VND 5,708 bn (+20% YoY)/VND 2,007 Bn (+14% YoY) by factoring the contribution of Binh Tan Apartment (An Duong Vuong) given the expected launch in 2022 along with remaining units at Clarita, 11A and Le Minh Xuan (expanded).
Additionally, we believe that the acquisition of two new land banks including Doan Nguyen (6 ha in Cat Lai, District 2 - Thu Duc City) and Nguyen Thu will help the mid-term outlook given the landbank expansion in the East of HCMC.
Using the RNAV method, we set a target price for KDH of VND 59,200/share. We recommend to ACCUMULATE with a total return of 12% at the closing price on 31stMarch 2022.”
Khang Dien House Trading and Investment Joint Stock Company (KHADIHOUSE) is a Vietnam-based company engaged in real estate operations. The Company invests in the development, leasing and trading of houses, villas, apartment buildings and infrastructures for residential areas, as well as land, office buildings and commercial centers. It is also involved in the construction of civil and industrial structures, such as residential and nonresidential buildings, highways, streets and bridges. On May 5, 2014, the Company announced that it has divested all of its stake in Phuoc Long Real Estate Investment Trading Co Ltd.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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