External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Khang Dien House Trading and Investment JSC / Equity Bottom-Up

Khang Dien House Trading and Investment JSC

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24 revenue and NPAT of VND1,232bn (-24% YoY) and VND412bn (-39% YoY), and completing 32% and 52% of its 2024’s fiscal plan, respectively. </li><li>In 3Q24 KDH successfully raised approximately VND3,000bn in equity via private placement (as noted in the previous report), stock dividends, and ESOP.</li><li>On the asset side, the company has paid advances of VND600bn for receiving the transfer of capital contribution and approximately VND380bn for land acquisition.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24 revenue and NPAT of VND1,232bn (-24% YoY) and VND412bn (-39% YoY), and completing 32% and 52% of its 2024’s fiscal plan, respectively. In 3Q24 KDH successfully raised approximately VND3,000bn in equity via private placement (as noted in the previous report), stock dividends, and ESOP.On the asset side, the company has paid advances of VND600bn for receiving the transfer of capital contribution and approximately VND380bn for land acquisition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Khang Dien House Trading and Investment JSC - 9M24 Earnings Update

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales from Classia contributed most of the company’s earnings.</li><li>1Q24 update: The company reported 1Q24 revenue of VND334bn (-21.4% YoY) and NPAT of VN200bn (-68.0% YoY).</li><li>We forecast consolidated revenue of VND3,822bn (+83.0% YoY) and NPAT of VND1,322bn (+82.7% YoY).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales from Classia contributed most of the company’s earnings.1Q24 update: The company reported 1Q24 revenue of VND334bn (-21.4% YoY) and NPAT of VN200bn (-68.0% YoY).We forecast consolidated revenue of VND3,822bn (+83.0% YoY) and NPAT of VND1,322bn (+82.7% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Khang Dien House Trading and Investment JSC - Privia Dominates FY24 Earnings

Thematic (Sector/Industry)

<ul><li>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify;"><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;"><strong>New project preparations and launches have ramped up in 2024 YTD: </strong>The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</span></p></li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li><p style="text-align: justify;"><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;"><strong>We project market transactions to strengthen in Q4 2024 and 2025</strong>, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</span></span></p></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Khang Dien House Trading and Investment JSC develops real estate and offers construction services.

Khang Dien House Trading and Investment JSC (KDH VN)

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Khang Dien House Trading and Investment JSC (KDH VN)

Khang Dien House Trading and Investment JSC - 9M24 Earnings Update

Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24...

Mirae Asset Securities

Khang Dien House Trading and Investment JSC - Privia Dominates FY24 Earnings

Khang Dien House Trading and Investment JSC (KDH) reported FY23 revenue of VND2,088n (-28.3% YoY) and NPAT of VN730bn (-32.6% YoY), in which sales...

Mirae Asset Securities

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

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