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 2024-05-15 pm EDT			5-day change	1st Jan Change
36,800 ^VND	+1.10%		+2.22%	+17.20%

Apr. 26	Khang Dien House Trading and Investment Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Khang Dien House Trading and Investment Joint Stock Company Announces Change in Personnel	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	29,494,612	-	-
Enterprise Value (EV) ¹	14,645,143	16,373,033	32,789,790	18,995,995	33,725,812	31,169,212	28,643,112
P/E ratio	15.9 x	14.2 x	28.5 x	18.4 x	31.7 x	26.5 x	14.1 x
Yield	1.86%	1.63%	-	-	0.65%	0.65%	-
Capitalization / Revenue	5.21 x	3.61 x	8.77 x	6.52 x	7.68 x	5.07 x	3.41 x
EV / Revenue	5.21 x	3.61 x	8.77 x	6.52 x	8.78 x	5.36 x	3.31 x
EV / EBITDA	11.9 x	10.5 x	24 x	18.9 x	25.8 x	14 x	7.35 x
EV / FCF	-	-	-15.9 x	-	-20.2 x	12.4 x	11.5 x
FCF Yield	-	-	-6.3%	-	-4.95%	8.08%	8.7%
Price to Book	1.92 x	2.01 x	3.22 x	1.61 x	1.77 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	36,900	36,900	36,900
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	3,841,573	5,815,605	8,644,925
EBITDA ¹	1,232,278	1,557,959	1,366,404	1,006,163	1,307,800	2,229,567	3,898,333
EBIT ¹	1,222,934	1,547,212	1,355,928	991,805	1,391,120	2,053,475	3,176,650
Operating Margin	43.47%	34.14%	36.28%	34.06%	36.21%	35.31%	36.75%
Earnings before Tax (EBT) ¹	1,190,631	1,458,408	1,539,841	1,410,589	1,254,405	1,929,781	3,515,825
Net income ¹	915,320	1,152,766	1,202,431	1,102,954	943,043	1,010,563	2,142,875
Net margin	32.53%	25.44%	32.17%	37.88%	24.55%	17.38%	24.79%
EPS ²	1,209	1,548	1,479	1,309	1,163	1,394	2,617
Free Cash Flow ¹	-	-	-2,064,589	-	-1,668,900	2,517,200	2,491,100
FCF margin	-	-	-55.24%	-	-43.44%	43.28%	28.82%
FCF Conversion (EBITDA)	-	-	-	-	-	112.9%	63.9%
FCF Conversion (Net income)	-	-	-	-	-	249.09%	116.25%
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	-	-	-	-	4,231,200	1,674,600	-
Net Cash position ¹	-	-	-	-	-	-	851,500
Leverage (Debt/EBITDA)	-	-	-	-	3.235 x	0.7511 x	-
Free Cash Flow ¹	-	-	-2,064,589	-	-1,668,900	2,517,200	2,491,100
ROE (net income / shareholders' equity)	12.6%	14.6%	13.1%	10%	7.5%	8.25%	12.3%
ROA (Net income/ Total Assets)	7.83%	8.49%	8.51%	6.14%	4.14%	4.7%	8.13%
Assets ¹	11,692,156	13,585,922	14,125,313	17,956,104	22,778,827	21,501,336	26,346,835
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	111,367	119,867	101,675
Capex / Sales	7.52%	1.06%	1.31%	2.11%	2.9%	2.06%	1.18%
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

36,800 VND

Average target price

42,084 VND

Spread / Average Target

+14.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Residential Real Estate Development

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Residential Real Estate Development