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Tóm tắt:
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KDH, because of small size is often overlooked, trades at 37.9% discount to our target price: At current market price of VND16,900, KDH trades at a large discount to our target price of VND23,300/share based on RNAV of the Company’s projects which take in account 40 hectares of clean land bank. The key projects driving our valuation of KDH are Villa Park, Doan Nguyen, Tri Minh, Mega Villas and Long Truong Khang Dien. In 2012, VCS expect KDH to earn VND2,277 a share, implying a forward P/E of 10.2x on our target price, against management’s target of VND1,865 per share. A dividend target of 10% face value was also set in the 2012 AGM.
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