Khang Dien Founder's Son Registers to Buy 20 Million KDH Shares at Low Price

Overview

Ly Tuan Kiet, son of Khang Dien (KDH) founder Ly Dien Son, has registered to buy 20 million KDH shares on HOSE, aiming to raise his stake to 1.84% of the company. The transaction, valued at approximately VND 356 billion based on the recent close of VND 17,800, comes as the stock trades near its lowest level since late 2022. This insider purchase signals confidence in the real estate developer’s turnaround prospects amid a challenging market.

Key Facts

• Ly Tuan Kiet registered to buy 20 million KDH shares, increasing his holdings to 20.6 million shares (1.84% of charter capital).
• The transaction is valued at about VND 356 billion based on the July 20 closing price of VND 17,800 per share.
• KDH shares have fallen nearly 20% from the start of July and 43% year-to-date, reaching the lowest price since late 2022.
• The purchase period runs from mid-week (around July 22) to August 21, 2026.
• Ly Tuan Kiet, aged 29, was appointed Deputy General Director of KDH in late March 2026 and has 7 years of experience in corporate governance and finance.
• KDH targets 2026 revenue of VND 4,200 billion and after-tax profit of VND 1,500 billion.
• The company’s key growth driver is an 11.8-hectare joint venture with Keppel in Ho Chi Minh City, in which KDH holds a 51% stake.

What Happened

In a filing with the Ho Chi Minh City Stock Exchange (HOSE) on July 21, 2026, Ly Tuan Kiet announced his intention to acquire 20 million shares of Khang Dien (KDH). The purchase is scheduled to take place from mid-week (approximately July 22) through August 21, 2026. Upon completion, Kiet will own 20.6 million shares, representing nearly 1.84% of the company’s outstanding shares.

Kiet is the son of Ly Dien Son, founder and Vice Chairman of the Board of Directors at Khang Dien. According to the company’s website, Kiet has seven years of experience in corporate governance, finance, and organizational management. He was appointed Deputy General Director of KDH in late March 2026. The filing states that the transaction is intended to increase his ownership stake, with the purchase occurring while the stock price is at a multi-year low.

Market Context

KDH shares closed at VND 17,800 on July 20, 2026, marking a decline of nearly 20% from the beginning of July and 43% from the start of the year. This price level is the lowest since late 2022. The broader real estate sector on HOSE has faced headwinds from rising interest rates and regulatory tightening, but KDH’s decline has been steeper than many peers. The insider purchase comes as the company reports Q1 2026 after-tax profit of VND 327 billion, nearly triple the prior-year period, though revenue fell to just VND 280 billion, about one-third of Q1 2025.

Strategic Significance

The insider purchase by a member of the founding family signals confidence in KDH’s long-term value, particularly as the stock trades at depressed levels. KDH’s 2026 targets of VND 4,200 billion in revenue and VND 1,500 billion in net profit imply a significant earnings recovery, driven primarily by the 11.8-hectare joint venture with Keppel in Ho Chi Minh City. The company also has a land bank of 150 hectares across four active projects, including approximately 6,000 high-rise apartments, 1,000 low-rise products, and 60 hectares of industrial land. The insider purchase may also be seen as a strategic move to consolidate control ahead of potential project milestones.

What to Watch

• Completion of the share purchase by August 21, 2026, and any subsequent filings showing actual volume and price.
• Q2 2026 earnings release, expected in late July or August, to assess progress toward the full-year profit target.
• Sales progress at the Keppel joint venture project on Vo Chi Cong Street, particularly low-rise product recognition.
• Any further insider transactions or major shareholder movements at KDH.
• Regulatory developments affecting the Vietnamese real estate sector, including land law amendments and credit availability.