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Khang Dien House Trading and Investment Joint Stock Company (KDH) Fair Value & Analysis

Real Estate · VN · Market cap 22.8T VND

KD Khang Dien House Trading and Investment Joint Stock Company KDH · VN
Price17,950 VND
Fair Value18,247 VND
Upside+1.7%
Quality39/100
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Weak Growth
Highly profitable · 28.5% net margin
Low debt · negative free cash flow
Trails peers (4/12)
Moderate moat 64/100
Evidence: Medium Range 11,878 VND – 25,754 VND Share as image

Fair value as of: Jul 12, 2026

From 17 valuation models · updated 28 days ago

Fair value updated Jul 12, 2026, revised from 20,338 VND to 18,247 VND (−10.3%) since Jun 25, 2026. Share price −14.5% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (11,878 VND to 25,754 VND) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

38,795 VND 14,275 VND Fair Value 18,247 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 14,275 VND – 38,795 VND · fair‑value band 11,878 VND – 25,754 VND · the 17,950 VND price screens below the 18,247 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Khang Dien House Trading and Investment Joint Stock Company (KDH) currently trades at 17,950 VND, while our model-based Fair Value estimate is 18,247 VND, implying the stock looks roughly 1.7% fairly valued today. The Quality Score stands at 39/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Khang Dien House Trading and Investment Joint Stock Company generated revenue of 4.2T VND at a net margin of 28.5%. Revenue declined 60.4% year over year. It earns a return on equity of 8.9%. Net debt stands at 7.6T VND. Fundamentals as of Jul 12, 2026

Our scenario range runs from 11,878 VND (bear case) to 25,754 VND (bull case); at 17,950 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 53% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 2%, KDH screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 13,081 VND 13,468 VND 13,633 VND 76
ROIC Compounder 11,153 VND 14,033 VND 16,731 VND 72
Gordon GGM 2,248 VND 4,908 VND 8,258 VND 70
All 17 models by family
DCF Models
Owner Earnings 396.10 VND 7,871 VND 24,264 VND 31
Earnings-Based
Graham-Dodd 6,335 VND 44,179 VND 61,999 VND 54
Lynch FV 15,658 VND 22,368 VND 29,078 VND 50
PEG = 1.0 15,658 VND 22,368 VND 29,078 VND 46
EPV 11,153 VND 14,033 VND 16,594 VND 59
Dividend Discount
Gordon GGM 2,248 VND 4,908 VND 8,258 VND 70
DDM Multi-Stage 2,248 VND 4,021 VND 5,115 VND 61
Multiples
P/E Multiple 15,372 VND 20,496 VND 25,619 VND 63
P/S Multiple 10,880 VND 14,506 VND 18,133 VND 58
P/B Multiple 11,878 VND 15,837 VND 19,797 VND 55
EV/EBIT 19,372 VND 27,552 VND 35,733 VND 53
EV/EBITDA 15,165 VND 21,943 VND 28,721 VND 54
EV/Revenue 3,534 VND 7,265 VND 10,995 VND 43
Asset-Based
NCAV (Graham) 8,256 VND 11,063 VND 16,512 VND 50
Economic Profit
Residual Income 13,081 VND 13,468 VND 13,633 VND 76
ROIC Compounder 11,153 VND 14,033 VND 16,731 VND 72
Growth Earnings
Growth-Adj P/E 20,707 VND 29,582 VND 38,457 VND 68

Widest divergence: Growth Earnings (29,582 VND) versus Dividend Discount (4,021 VND). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 4.2T VND
Revenue growth (YoY) -60.4%
Net margin 28.5%
Return on equity 8.9%
Free cash flow −2.7T VND FY2025
P/E ratio 19.9
More key figures
Operating margin 30.8%
EPS (TTM) 1,018 VND
EPS growth (YoY) +130%
Net debt 7.6T VND FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 36 · Market factors (momentum, volatility) 25

Profitability 34
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 21
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 36
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Khang Dien House Trading and Investment Joint Stock Company, together with its subsidiaries, engages in real estate development in Vietnam.

Full company description

Khang Dien House Trading and Investment Joint Stock Company, together with its subsidiaries, engages in real estate development in Vietnam. It is involved in the leasing; real estate trading and auction; receiving land use rights to construct houses for sale and lease; investing in the construction of infrastructure; architectural activities and related technical consultancy activities; civil and industrial construction works; and the provision of real estate management and consultancy services. The company was founded in 2001 and is headquartered in Ho Chi Minh City, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Khang Dien House Trading and Investment Joint Stock Company reported revenue of 4.7T VND in FY2025 versus 3.7T VND in FY2021, a compound +5.6%/yr. Reported net income was 1.0T VND in FY2025, compounding −3.4%/yr from FY2021.

Growth Quality 31/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.7T VND
Latest YoY
+41.9%
Avg. growth/yr (3Y)
+16.9%
Avg. growth/yr (5Y)
+0.5%
Avg. growth/yr (6Y)
+8.7%
Revenue +5.6%/yr
FY21 3.7T VND
FY22 2.9T VND
FY23 2.1T VND
FY24 3.3T VND
FY25 4.7T VND
Net income −3.4%/yr
FY21 1.2T VND
FY22 1.1T VND
FY23 716B VND
FY24 810B VND
FY25 1.0T VND

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Cite: Fair Value Calculator (2026). "Khang Dien House Trading and Investment Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/KDH

Peer Group

Real Estate - Development · 588 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 38 · Bottom 25%
Fair Value upside +2% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth -60% · Bottom 25%
Debt / equity 0.45× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 19.9× · Pricier than median
P/B 1.23× · Pricier than 75% of peers
P/S (TTM) 5.40× · Pricier than 75% of peers
EV/EBITDA 13.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 36 · sector 48
FUTURE 0 · sector 0
PAST 36 · sector 10
HEALTH 78 · sector 84
DIVIDEND 0 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Khang Dien House Trading and Investment Joint Stock Company (KDH) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 18,247 VND versus a price of 17,950 VND, about +2% (fairly valued).
What is the fair value of KDH?
Our model-based fair value for Khang Dien House Trading and Investment Joint Stock Company is 18,247 VND (as of Jul 12, 2026), built from audited fundamentals. The current price is 17,950 VND.
What is the quality score of KDH?
Khang Dien House Trading and Investment Joint Stock Company has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Khang Dien House Trading and Investment Joint Stock Company (KDH)?
Khang Dien House Trading and Investment Joint Stock Company reported trailing-twelve-month revenue of about 4.2T VND (latest available figure, as of Jul 12, 2026).
What is the net profit margin of KDH?
The net profit margin of Khang Dien House Trading and Investment Joint Stock Company is about 28.5%, meaning it keeps roughly 28.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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