- 2025-04-29T00:00:00
- Company Research
KDH reported Q1 2025 net revenue of VND710bn (USD27mn; +113% YoY) and NPAT-MI of VND122bn (USD4.7mn; +92% YoY), completing 15% and 13% of our respective full-year forecasts. The Q1 2025 profit was mainly from the scheduled handovers of presold units at The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units; fully presold and ~60% handed over by end-2024).
Management guides for the JV project with Keppel (Thu Duc, HCMC; KDH holds 51%) to launch presales in Q3 2025G and commence handovers within the year as the project has mostly completed construction for the low-rise portion (see our KDH AGM note).
We anticipate no significant changes to our 2025F NPAT-MI forecast (VND947bn/USD36mn; +17% YoY), pending a fuller review, as we continue to expect the upcoming JV project with Keppel, as well as the handovers of The Privia, to be key profit drivers in 2025F.
KDH’s Q1 2025 results
VND bn | Q1 | Q1 | YoY | 2025F | Q1 as % |
Net revenue | 334 | 710 | 113% | 4,858 | 15% |
Gross profit | 174 | 307 | 76% | 2,965 | 10% |
SG&A expenses | -56 | -117 | 107% | -564 | 21% |
EBIT | 118 | 190 | 61% | 2,401 | 8% |
Financial income | 12 | 20 | 63% | 42 | 47% |
Financial expense | -21 | -48 | 126% | -231 | 21% |
Net other income | -7 | -5 | N.M. | 0 | N.M. |
PBT | 102 | 157 | 54% | 2,212 | 7% |
Tax expense | -38 | -38 | 1% | -442 | 9% |
Minority interest | -1 | 3 | N.M. | -823 | N.M. |
NPAT-MI | 63 | 122 | 92% | 947 | 13% |
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|
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GPM | 52.2% | 43.2% |
| 61.0% |
|
SG&A as % of revenue | 16.9% | 16.5% |
| 11.6% |
|
OPM | 35.2% | 26.7% |
| 49.4% |
|
NPM | 19.0% | 17.2% |
| 19.5% |
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Source: KDH, Vietcap forecasts (last updated February 21, 2025)
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