VinaCapital Funds Sell 900,000 KDH Shares, Stake Drops to 6.96%

Overview

Two funds under VinaCapital sold a total of 900,000 shares of Khang Dien House (KDH) on April 29, 2026, reducing the group’s combined ownership to 6.96% of the real estate developer. The transaction was disclosed in a filing by VinaCapital Fund Management JSC. KDH recently reported a 175.5% year-on-year jump in Q1/2026 net profit, though revenue dropped sharply.

Key Facts

• VOF Investment Limited sold 500,000 KDH shares on April 29, reducing its stake from 0.1479% to 0.1034%.
• VinaCapital Vietnam Market Access Equity Fund sold 400,000 KDH shares, cutting its holding from 0.083% to 0.0473%.
• After the sales, the VinaCapital group holds a total of 78.1 million KDH shares, representing 6.9621% of charter capital.
• KDH reported Q1/2026 net revenue of VND 281.4 billion, down 60.4% year-on-year.
• Q1/2026 net profit reached VND 327 billion, up 175.5% from Q1/2025.
• KDH’s 2026 full-year targets are VND 4,200 billion in revenue and VND 1,500 billion in net profit; Q1 achieved 6.7% of revenue and 21.8% of profit targets.
• Total assets as of March 31, 2026 stood at VND 39,861.9 billion, up 17% from the start of the year; inventory accounted for 73.1% of assets.

What Happened

On April 29, 2026, VOF Investment Limited, a VinaCapital member fund, sold 500,000 KDH shares on the HoSE, reducing its holding from 1.66 million shares (0.1479%) to 1.16 million shares (0.1034%). On the same day, the VinaCapital Vietnam Market Access Equity Fund sold 400,000 KDH shares, lowering its stake from 931,225 shares (0.083%) to 531,225 shares (0.0473%). The transactions were reported in a filing by VinaCapital Fund Management JSC.

Nine other VinaCapital member funds continue to hold a combined 76.4 million KDH shares, equivalent to 6.8114% of charter capital. Including the two selling funds, the entire VinaCapital group now owns 78.1 million shares, or 6.9621% of KDH.

Market Context

KDH shares closed at VND 27 on April 15, 2026, up 1.34% with volume of 7.7 million shares. The stock trades on the HoSE in the real estate sector. The VinaCapital stake reduction comes amid a mixed earnings picture: while net profit surged 175.5% in Q1, revenue fell 60.4%, and inventory remains high at 73.1% of total assets. Total borrowings stood at VND 15,348.2 billion, representing 83.7% of total liabilities.

Strategic Significance

The partial exit by VinaCapital, a prominent institutional investor, may signal a tactical rebalancing rather than a fundamental bearish view, given that the group still holds nearly 7% of KDH. The sharp divergence between profit growth and revenue decline suggests that Q1 earnings were boosted by non-recurring items (other income surged 33.4x to VND 290.5 billion). Investors should assess the sustainability of earnings and the company’s ability to execute on its 2026 revenue target of VND 4,200 billion, which implies a significant ramp-up from Q1’s run rate.

What to Watch

• KDH’s Q2/2026 earnings release for revenue and profit trends, particularly the recurrence of other income.
• Any further stake changes by VinaCapital or other major shareholders.
• Progress on inventory monetization, given the high inventory-to-asset ratio.
• KDH’s debt management and refinancing plans, with borrowings at 83.7% of total liabilities.
• Updates on new project launches and presales that could drive future revenue.