KDH – Update – Gladia project handover fuels strong rebound
Posted: Oct 31, 2025
- In 3Q25, KDH recorded a strong 335% yoy increase in revenue, with a gross margin of 70.7% – the highest level since 2024. For 9M25, net profit reached VND 557 bn (+35.1% yoy), fulfilling 58.7% of the company’s full-year target.
- We expect the Gladia project to be the key profit driver for KDH during 2025-2026, with projected net profit growth of 32% and 56% yoy, respectively.
- Reiterate ADD rating with a new target price of VND 43,200 per share.
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