Khang Dien House (KDH VN): Bullish outlook for 2025
The real estate developer targets 2025 revenue of VND3.8 trillion (about USD147.6 million, up +16% YoY) and net income of VND1 trillion (about USD38.9 million, up +23% YoY), thanks to 2 new projects, which have been co-developed by Keppel Corporation (BN4 SI) and available for sale this year, alongside with the on-going sale of The Privia project’s outputs. The firm has been proposing 2025 ESOP with issuance of nearly 10 million additional shares, equivalent to 1% of shares outstanding, at price of VND14,000 per share to Board members and eligible employees. These shares will be locked up for a year after allocated. KDH VN closed at VND28,000 per share on 4th April 2025, therefore 35x P/E and 1.6x P/B.
HDBank (HDB VN): 2025 objectives
HDB announced its 2025 AGM’s documents, in which there have been 2025 target earnings before tax of VND21.2 trillion (about USD823 million, up +27% YoY), backed by a credit growth rate of 32%, double compared to industry average projection. HDBank also disclosed that it has been serving over 20 million clients and may have nearly 30,000 shareholders. HDB VN closed at VND20,800 per share on 4th April 2025, hence 5.7x P/E and 1.3x P/B. In accordance with aforementioned earnings growth, Forward P/E could be just 4.5x
Damsan (ADS VN): Term loan with Agribank
ADS announced that its subsidiary developing Ninh An – Kien Xuong industrial cluster (IC) would receive a term loan with principal of VND600 billion (about USD23.3 million) from Agribank. Damsan has been planning to raise VND3.6 trillion (~USD140 million) for development of several real estate projects including 3 ICs, 1 affordable housing, and 1 office for lease. The on-going An Ninh-Tien Hai IC recorded occupancy rate of 95%. The firm targets 2025 revenue of VND1,950 billion (~USD75.8 million, up +19.7% YoY) and pre-tax income of VND120.5 billion (~USD4.7 million, up +89.7% YoY). ADS closed at price floor of VND8,130 per share on 4th April 2025, leading to 12.3x P/E and 0.7x P/B.
Taseco Land (TAL VN): Projects narrowed margin in 2025
The real estate developer targets 2025 revenue of VND4,332 billion (~USD168.3 million, up +157.2% YoY) and consolidated profit after tax of VND536 billion (~USD20.8 million, down -21.8% YoY). TAL forecasts a busy 2025, with 5 on-going projects, and it plans to start construction of 6 others. It also has 4 other projects in its pipeline. HOSE listing plan and new business line registration will be proposed for voting at the 2025 AGM. TAL VN was last traded at VND25,500/s on 4th April 2025, leading to 12.1x P/E & 2.1 x P/B.
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