- We maintain our BUY rating for KDH, with our target price broadly unchanged at VND41,700/share, as our rescheduling of the Le Minh Xuan Expansion IP to start sales in 2027F (vs 2026F previously) and a higher net debt balance at end-Q1 2025 are largely offset by the positive impact of rolling forward our target price horizon to mid-2026.

- For 2025F, we broadly maintain our NPAT-MI forecast at VND949bn (USD36mn; +17% YoY), driven by (1) our expectation for the sales launch of the low-rise portion of the Gladia project (formerly known as the JV project with Keppel in Thu Duc City, HCMC; KDH holds 51%), and (2) the handovers of remaining presold units at The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units; 100% presold and ~90% handed over by end-Q1 2025).

- For 2026F, we anticipate NPAT-MI to grow 11% YoY, supported by the expected sales launches at The Solina (currently processing land filling and infrastructure construction) and our projection for handovers at Gladia. We cut our 2026F NPAT-MI forecast by 14%, mainly due to our shift in Le Minh Xuan Expansion IP’s sales to 2027F (vs our previous assumption of 2026F).

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