Financials Khang Dien House Trading and Investment

Equities

KDH

VN000000KDH2

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
35,900 ^VND	+2.57%		+2.57%	+14.33%

Apr. 26	Khang Dien House Trading and Investment Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 12	Keppel Ltd. and Keppel Vietnam Fund completed the acquisition of 49% stake in Residential project in Ho Chi Minh City from Khang Dien House Trading and Investment Joint Stock Company.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Capitalization ¹	14,645,143	16,373,033	32,789,790	18,995,995	28,695,300	-	-
Enterprise Value (EV) ¹	14,645,143	16,373,033	32,789,790	18,995,995	34,843,700	34,984,000	28,695,300
P/E ratio	15.9 x	14.2 x	28.5 x	18.4 x	30.3 x	24.2 x	14.9 x
Yield	1.86%	1.63%	-	-	0.67%	0.67%	-
Capitalization / Revenue	5.21 x	3.61 x	8.77 x	6.52 x	7.06 x	4.97 x	3.76 x
EV / Revenue	5.21 x	3.61 x	8.77 x	6.52 x	8.57 x	6.06 x	3.76 x
EV / EBITDA	11.9 x	10.5 x	24 x	18.9 x	24.4 x	15.1 x	7.79 x
EV / FCF	-	-	-15.9 x	-	-9.05 x	3,844 x	-
FCF Yield	-	-	-6.3%	-	-11%	0.03%	-
Price to Book	1.92 x	2.01 x	3.22 x	1.61 x	1.72 x	-	-
Nbr of stocks (in thousands)	760,867	743,772	777,954	788,513	799,312	-	-
Reference price ²	19,248	22,014	42,149	24,091	35,900	35,900	35,900
Announcement Date	1/22/20	3/22/21	1/27/22	3/24/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net sales ¹	2,813,353	4,532,069	3,737,750	2,911,963	4,064,561	5,773,838	7,627,000
EBITDA ¹	1,232,278	1,557,959	1,366,404	1,006,163	1,429,100	2,313,600	3,684,500
EBIT ¹	1,222,934	1,547,212	1,355,928	991,805	1,488,940	2,120,275	2,809,667
Operating Margin	43.47%	34.14%	36.28%	34.06%	36.63%	36.72%	36.84%
Earnings before Tax (EBT) ¹	1,190,631	1,458,408	1,539,841	1,410,589	1,346,172	1,993,241	3,302,333
Net income ¹	915,320	1,152,766	1,202,431	1,102,954	961,158	1,098,423	1,998,333
Net margin	32.53%	25.44%	32.17%	37.88%	23.65%	19.02%	26.2%
EPS ²	1,209	1,548	1,479	1,309	1,183	1,485	2,415
Free Cash Flow ¹	-	-	-2,064,589	-	-3,848,300	9,100	-
FCF margin	-	-	-55.24%	-	-94.68%	0.16%	-
FCF Conversion (EBITDA)	-	-	-	-	-	0.39%	-
FCF Conversion (Net income)	-	-	-	-	-	0.83%	-
Dividend per Share ²	357.8	357.8	-	-	240.0	240.0	-
Announcement Date	1/22/20	3/22/21	1/27/22	3/24/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2021 S2	2022 S1	2022 S2	2023 Q3
Net sales	-	590,013	1,789,277	-	2,036,737	-
EBITDA	-	-	-	-	-	-
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	255,572
Net income ¹	471,564	-	732,186	631,326	-	207,525
Net margin	-	-	40.92%	-	-	-
EPS	0.5868	-	-	0.8273	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	7/30/21	1/27/22	1/27/22	7/29/22	3/24/23	10/30/23

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net Debt ¹	-	-	-	-	6,148,400	6,288,700	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	4.302 x	2.718 x	-
Free Cash Flow ¹	-	-	-2,064,589	-	-3,848,300	9,100	-
ROE (net income / shareholders' equity)	12.6%	14.6%	13.1%	10%	6.73%	8.17%	12.5%
ROA (Net income/ Total Assets)	7.83%	8.49%	8.51%	6.14%	3.82%	4.88%	7.83%
Assets ¹	11,692,156	13,585,922	14,125,313	17,956,104	25,161,197	22,531,750	25,510,649
Book Value Per Share ²	10,022	10,927	13,093	14,958	20,901	-	-
Cash Flow per Share	-	-	-2,668	-	-	-	-
Capex ¹	211,477	48,031	49,112	61,478	132,467	145,200	101,333
Capex / Sales	7.52%	1.06%	1.31%	2.11%	3.26%	2.51%	1.33%
Announcement Date	1/22/20	3/22/21	1/27/22	3/24/23	-	-	-

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Khang Dien House Trading and Investment

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

35,900 VND

Average target price

41,239 VND

Spread / Average Target

+14.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
KHANG DIEN HOUSE TRADING AND INVESTMENT	+14.33%	1.13B
VONOVIA SE	-1.47%	24.68B
CHINA VANKE CO., LTD.	-29.16%	11.3B
AKELIUS RESIDENTIAL PROPERTY AB	+7.32%	10.72B
DEUTSCHE WOHNEN SE	-24.81%	7.7B
VINHOMES	-4.86%	7.07B
VINGROUP	-0.34%	6.53B
OPEN HOUSE GROUP CO., LTD.	+15.37%	3.74B
IIDA GROUP HOLDINGS CO., LTD.	-4.29%	3.71B
TRICON RESIDENTIAL INC.	+27.20%	3.32B

Residential Real Estate Development