• We attended KDH’s annual general meeting (AGM) on April 24.
• Shareholders approved 2025G NPAT-MI guidance of VND1.0tn (USD38mn; +23% YoY), which is equivalent to 106% of our full-year forecast. KDH’s NPAT-MI results in 2021/22/23/24 completed 100%/79%/72%/103% of the respective guidance set at the beginning of each year. We foresee no significant changes to our 2025F NPAT-MI forecast (VND947bn/USD36mn; +17% YoY), pending a fuller review. 
• Shareholders approved a FY2024 dividend plan of a 10% stock dividend and a FY2025 dividend plan of 10% on par (par value of VND10,000/share) in cash and/or stock. 
• Shareholders also approved an employee stock ownership plan (ESOP) with 9.96 million shares expected to be issued in 2025G — equal to 0.985% of current O/S. The issue price is proposed at VND14,000/share and the lock-up period for ESOP shares is expected to be one year. KDH’s 2019-2024 average ESOP issuance was 1.5% total O/S at the beginning of each year.   

The Privia and JV project with Keppel will be key profit drivers in 2025G. Management guides for the JV project with Keppel (Thu Duc, HCMC; KDH holds 51%) to launch sales in Q3 2025G and commence handovers within the year as the project has mostly completed construction for the low-rise portion. Meanwhile, The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units; 100% presold and ~60% handed over by end-2024) is expected to be fully delivered in 2025G. 

Multiple projects are preparing to launch in the medium term. In addition to the above-mentioned projects, management stated that KDH has started construction at both the Le Minh Xuan Expansion IP project (Binh Chanh District, HCMC; ~110 ha) and The Solina (Binh Chanh District; HCMC; ~13 ha planned for Phase 1). Additionally, KDH is completing legal procedures for other projects, such as the mega-scale Tan Tao project (Binh Tan District, HCMC), the 18-ha Binh Trung Dong project (Thu Duc, HCMC), and the 30-ha Phong Phu 2 (Binh Chanh District, HCMC) project.  

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