Investment and Trading JSC Khang Dien House (code KDH-HOSE) announces the bond principal and interest payment status.
Specifically: KDH stated that on June 16, 2025, KDH paid more than VND 318 billion for principal and interest payment for the bond code KDHH2125001. This includes VND 300 billion in principal and over VND 18 billion in bond interest.
It is known that the KDHH2125001 bond was issued from June 14, 2021, including 400 bonds with a total issuance value of VND 400 billion. With a term of 4 years, the bond is expected to mature on June 14, 2025. The purpose of this bond issuance by KDH is to increase the company’s operating capital.
Previously, on December 14, 2021, KDH repurchased in advance VND 100 billion of the above-mentioned bond, bringing the remaining value in circulation to VND 300 billion.
According to the 2024 financial statements, the company currently has two bond batches maturing in 2025 with outstanding debt of VND 1,100 billion. The company’s management board stated that the company has prepared the necessary funds to repay the two bond batches on time, with one batch maturing in June and the other in August 2025. The company has no plans to issue additional bonds this year.
Recently, KDH’s Board of Directors announced a resolution to implement a bonus share issuance for 2024 dividends and an employee stock ownership plan (ESOP) share issuance.
Specifically, KDH plans to issue 101,114,256 bonus shares for 2024 dividends, with a ratio of 10% of the total outstanding shares. The issuance source is from undistributed post-tax profits accumulated up to the end of 2024 in the audited financial statements. The expected implementation time is in Q3-Q4/2025.
At the same time, KDH also plans to issue 9.96 million ESOP shares at a price of VND 14,000/share. The issuance targets are based on two criteria: position and level of contribution to the company. The expected implementation time is in Q3 and Q4/2025.
ESOP shares will be restricted from transfer for one year. Proceeds from the issuance will be used to supplement the company’s operating capital.
Currently, KDH shares are trading around the VND 29,000/share level. Therefore, the ESOP issuance price is only half of the market price.
In addition, KDH announced a list of 244 employees participating in the ESOP share issuance. In particular, Chairwoman Mai Tran Thanh Trang is expected to buy 1.2 million shares. Vice Chairman Ly Dien Son is expected to buy 1.1 million shares. Board member and CEO Vuong Van Minh may purchase 1 million shares…
If both issuance plans are completed, Khang Dien House will increase its outstanding shares to 1.12 billion shares, equivalent to a charter capital of VND 11,222.1 billion.
In 2025, KDH shareholders approved a business plan with a revenue target of VND 3,800 billion and a net profit of about VND 1,000 billion, mainly from projects: Privia project; Two projects in cooperation with Keppel with a scale of 6ha and 8ha in Binh Trung Dong Ward, Thu Duc City
Therefore, VCSC maintains its “buy” recommendation for KDH shares, with a target price of VND 41,700/share, as VCSC adjusts the expected sales timing of Le Minh Xuan Expanded IP to 2027 (compared to the previous expectation of 2026) and net debt recorded an increase at the end of Q1/2025. These factors are largely offset by the positive impact of VCSC updating the target price to mid-2026.
For 2025, VCSC largely maintains its profit after tax attributable to parent company owners at VND 949 billion (+17% YoY), driven by: (1) VCSC’s forecast that the company will launch the low-rise phase of the Gladia project (formerly known as the joint venture project with Keppel in Thu Duc City, Ho Chi Minh City; KDH owns 51% stake), and (2) the handover of the remaining apartments at The Privia (Binh Tan District, Ho Chi Minh City; total of about 1,040 high-rise apartments; 100% sold and about 90% handed over as of end-Q1/2025).
For 2026, VCSC expects profit after tax and minority interest to increase by 11% YoY, supported by expected sales launch at The Solina (currently in the process of land filling and infrastructure construction) and VCSC’s forecast of handover at Gladia. However, VCSC adjusts down its 2026 profit after tax and minority interest forecast by 14%, mainly due to the delayed expected sales timing of Le Minh Xuan Expanded IP to 2027 (compared to our previous assumption of 2026).
According to VCSC, with KDH’s strong brand reputation and the expected recovery of the real estate market, we project KDH’s average sales in 2025-26 to reach about VND 5,400 billion/year (compared to the low base of VND 900 billion in 2024), driven by the company’s expected new project launches.
VCSC believes that KDH is currently trading at projected P/B of 1.6x/1.5x for 2025/26 (based on VCSC’s forecasts), lower than the 3-year average P/B of 2.0x. VCSC finds this attractive considering the company’s large land bank in Ho Chi Minh City and the risk of larger project sales, such as the Tan Tao project, being slower than expected.
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