Khải Hoàn Land (KHG) Targets 2026 Revenue of VND 1,250B, Pre-Tax Profit of VND 155B

Overview

Khải Hoàn Land (HOSE: KHG) reported strong 2025 financial results, with revenue doubling and net profit rising 25.78%, both exceeding its annual plan. At its 2026 Annual General Meeting of Shareholders, the company approved ambitious growth targets for the coming year, including a revenue goal of VND 1,250 billion and pre-tax profit of VND 155 billion, as it positions itself as a project developer-investor.

Key Facts

• 2025 revenue reached VND 601.30 billion, nearly double the previous year’s figure.
• 2025 net profit after tax was VND 68.71 billion, a 25.78% year-on-year increase.
• Total assets as of end-2025 stood at VND 6,994.48 billion, up 6.10% from the start of the year.
• 2026 revenue target is set at VND 1,250 billion, with a pre-tax profit target of VND 155 billion.
• The 2025 results exceeded the company’s plan, with revenue achieving about 170% of the target and profit exceeding 100%.
• The 2026 Annual General Meeting was held on April 14, 2026, with 98% of voting shares represented.
• Leadership includes Đinh Nhật Hạnh (Vice Chairwoman of the Board of Directors and General Director) and Phạm Thị Minh Phụ (Board Member and Deputy General Director).

What Happened

Khải Hoàn Land held its 2026 Annual General Meeting of Shareholders on April 14, 2026, with 98% of voting shares represented. According to reports presented at the meeting, the company delivered robust 2025 performance, with revenue surging to VND 601.30 billion and net profit after tax reaching VND 68.71 billion. Management noted that these results exceeded the annual plan, with revenue achieving approximately 170% of the target and profit surpassing 100%.

Based on this performance, the company approved ambitious 2026 business targets, including revenue of VND 1,250 billion and pre-tax profit of VND 155 billion. The meeting emphasized the company’s strategic repositioning as a project developer-investor. Shareholders raised questions on operational details, receivables recovery, and stock valuation, which were addressed directly by the leadership team.

Market Context

KHG trades on the Ho Chi Minh Stock Exchange (HOSE) in the real estate sector. The Vietnamese property market has faced headwinds in recent years, but Khải Hoàn Land’s 2025 outperformance and aggressive 2026 targets suggest a differentiated growth trajectory. The company’s total assets grew to nearly VND 7,000 billion, providing a foundation for its expansion plans. Investors will likely scrutinize whether the stock price, which management implied may not fully reflect intrinsic value, aligns with these fundamentals.

Strategic Significance

The 2026 targets signal Khải Hoàn Land’s commitment to scaling its operations under a developer-investor model, which could enhance project control and margins. Exceeding 2025 plans by wide margins demonstrates execution capability in a challenging market. The focus on receivables from joint ventures indicates a shift toward capital recycling and project monetization, critical for sustaining growth in capital-intensive real estate development.

What to Watch

• Quarterly earnings releases in 2026 to track progress toward the VND 1,250 billion revenue and VND 155 billion pre-tax profit targets.
• Updates on receivables recovery from joint venture projects, as mentioned in the AGM.
• Any announcements regarding new project launches or partnerships under the developer-investor strategy.
• Shareholder communications on measures to address perceived stock undervaluation.
• Broader Vietnamese real estate sector policy and demand trends impacting project execution.