{"id":3235,"date":"2025-11-15T13:43:26","date_gmt":"2025-11-15T06:43:26","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=3235"},"modified":"2026-01-10T15:29:53","modified_gmt":"2026-01-10T08:29:53","slug":"kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty\/","title":{"rendered":"KDH: K\u1ef3 v\u1ecdng Khai m\u1edf Gi\u00e1 tr\u1ecb Qu\u1ef9 \u0111\u1ea5t, L\u1ee3i Nhu\u1eadn Qu\u00fd 4 b\u1ee9t ph\u00e1 l\u00ean g\u1ea5p \u0111\u00f4i c\u00f9ng k\u1ef3 \u0111\u1ea1t g\u1ea7n 500 t\u1ef7"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"768\" height=\"414\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/image-20251021204343-1.jpeg\" alt=\"\" class=\"wp-image-3245\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/image-20251021204343-1.jpeg 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/image-20251021204343-1-300x162.jpeg 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p>L\u1ee3i nhu\u1eadn qu\u00fd 4\/2025 d\u1ef1 ki\u1ebfn b\u1ee9t ph\u00e1, \u0111\u1ea1t kho\u1ea3ng 484 t\u1ef7 \u0111\u1ed3ng (+22% YoY, g\u1ea5p \u0111\u00f4i qu\u00fd tr\u01b0\u1edbc), nh\u1edd b\u00e0n giao s\u1ea3n ph\u1ea9m th\u1ea5p t\u1ea7ng t\u1ea1i d\u1ef1 \u00e1n tr\u1ecdng \u0111i\u1ec3m&nbsp;<em>Gladia by the Waters<\/em>&nbsp;(li\u00ean doanh v\u1edbi Keppel, KDH s\u1edf h\u1eefu 51%).<\/p>\n\n\n\n<p>Tri\u1ec3n v\u1ecdng 2026\u20132027 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, l\u1ee3i nhu\u1eadn sau thu\u1ebf d\u1ef1 b\u00e1o \u0111\u1ea1t 1,800 t\u1ef7 \u0111\u1ed3ng (+70% YoY) nh\u1edd ho\u00e0n t\u1ea5t b\u00e0n giao to\u00e0n b\u1ed9 Gladia v\u00e0 m\u1edf b\u00e1n s\u1edbm d\u1ef1 \u00e1n B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, c\u00f9ng v\u1edbi qu\u1ef9 \u0111\u1ea5t h\u01a1n 500 ha t\u1ea1i TP.HCM.<\/p>\n\n\n\n<p>\u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn v\u00e0 khuy\u1ebfn ngh\u1ecb t\u00edch c\u1ef1c, c\u1ed5 phi\u1ebfu KDH \u0111ang giao d\u1ecbch P\/B 2025 \u1edf m\u1ee9c 2.0x (th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m 2.2x), nhi\u1ec1u CTCK nh\u01b0 Vietcap, HSC, MBS \u0111\u1ec1u n\u00e2ng gi\u00e1 m\u1ee5c ti\u00eau l\u00ean 39,700\u201348,500 \u0111\u1ed3ng\/cp, khuy\u1ebfn ngh\u1ecb mua\/kh\u1ea3 quan<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><a href=\"https:\/\/elibook.vn\/wp-content\/uploads\/2025\/11\/KDH.png\"><\/a><\/h1>\n\n\n\n<p>Vietcap duy tr\u00ec khuy\u1ebfn ngh\u1ecb MUA, \u0111i\u1ec1u ch\u1ec9nh t\u0103ng 3% gi\u00e1 m\u1ee5c ti\u00eau l\u00ean 48,500 \u0111\u1ed3ng\/CP,&nbsp;d\u1ef1a tr\u00ean tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i trong giai \u0111o\u1ea1n 2025-2027. M\u1ee9c t\u0103ng gi\u00e1 m\u1ee5c ti\u00eau n\u00e0y ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi hai y\u1ebfu t\u1ed1 ch\u00ednh:&nbsp;<em>(1) \u0111\u1ecbnh gi\u00e1 cao h\u01a1n cho d\u1ef1 \u00e1n B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, (2) gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch t\u0103ng \u0111\u1ed1i v\u1edbi c\u00e1c d\u1ef1 \u00e1n ch\u01b0a c\u00f4ng b\u1ed1.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >N\u1ed9i dung<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-6a220edca0e72\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-6a220edca0e72\"  type=\"checkbox\" id=\"item-6a220edca0e72\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty\/#Dong_luc_Tang_truong_Loi_nhuan_2025-2026\" title=\"\u0110\u1ed9ng l\u1ef1c T\u0103ng tr\u01b0\u1edfng L\u1ee3i nhu\u1eadn 2025-2026\">\u0110\u1ed9ng l\u1ef1c T\u0103ng tr\u01b0\u1edfng L\u1ee3i nhu\u1eadn 2025-2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty\/#Dieu_chinh_Du_bao_va_Ke_hoach_Mo_ban_Du_an_Moi\" title=\"\u0110i\u1ec1u ch\u1ec9nh D\u1ef1 b\u00e1o v\u00e0 K\u1ebf ho\u1ea1ch M\u1edf b\u00e1n D\u1ef1 \u00e1n M\u1edbi\">\u0110i\u1ec1u ch\u1ec9nh D\u1ef1 b\u00e1o v\u00e0 K\u1ebf ho\u1ea1ch M\u1edf b\u00e1n D\u1ef1 \u00e1n M\u1edbi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty\/#Khai_mo_Gia_tri_Quy_dat_va_Trien_vong_Dai_han\" title=\"Khai m\u1edf Gi\u00e1 tr\u1ecb Qu\u1ef9 \u0111\u1ea5t v\u00e0 Tri\u1ec3n v\u1ecdng D\u00e0i h\u1ea1n\">Khai m\u1edf Gi\u00e1 tr\u1ecb Qu\u1ef9 \u0111\u1ea5t v\u00e0 Tri\u1ec3n v\u1ecdng D\u00e0i h\u1ea1n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/kdh-ky-vong-khai-mo-gia-tri-quy-dat-loi-nhuan-quy-4-but-pha-len-gap-doi-cung-ky-dat-gan-500-ty\/#Dinh_gia_va_Khuyen_Nghi\" title=\"\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn Ngh\u1ecb\">\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn Ngh\u1ecb<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dong_luc_Tang_truong_Loi_nhuan_2025-2026\"><\/span>\u0110\u1ed9ng l\u1ef1c T\u0103ng tr\u01b0\u1edfng L\u1ee3i nhu\u1eadn 2025-2026<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Vietcap d\u1ef1 b\u00e1o L\u1ee3i nhu\u1eadn sau thu\u1ebf sau l\u1ee3i \u00edch c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 (LNST sau l\u1ee3i \u00edch C\u0110TS) n\u0103m 2025 c\u1ee7a KDH s\u1ebd \u0111\u1ea1t&nbsp;1,040 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 29% so v\u1edbi c\u00f9ng k\u1ef3&nbsp;(YoY). Trong \u0111\u00f3, qu\u00fd 4\/2025 \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd b\u1ee9t ph\u00e1 m\u1ea1nh m\u1ebd, \u0111\u1ea1t&nbsp;484&nbsp;t\u1ef7 \u0111\u1ed3ng (g\u1ea5p \u0111\u00f4i so v\u1edbi qu\u00fd tr\u01b0\u1edbc v\u00e0 t\u0103ng 22% YoY), nh\u1edd ti\u1ebfp t\u1ee5c b\u00e0n giao c\u00e1c s\u1ea3n ph\u1ea9m th\u1ea5p t\u1ea7ng \u0111\u00e3 m\u1edf b\u00e1n t\u1ea1i d\u1ef1 \u00e1n tr\u1ecdng \u0111i\u1ec3m&nbsp;\u201cGladia by the Waters\u201d&nbsp;(d\u1ef1 \u00e1n li\u00ean doanh 11.8 ha v\u1edbi Keppel, KDH s\u1edf h\u1eefu 51%).<\/p>\n\n\n\n<p>B\u01b0\u1edbc sang n\u0103m 2026, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd \u0111\u1ea1t \u0111\u1ec9nh \u0111i\u1ec3m. Vietcap d\u1ef1 b\u00e1o LNST sau l\u1ee3i \u00edch C\u0110TS n\u0103m 2026 s\u1ebd t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng&nbsp;70% so v\u1edbi n\u0103m 2025, \u0111\u1ea1t m\u1ee9c 1,800 t\u1ef7 \u0111\u1ed3ng. M\u1ee9c t\u0103ng tr\u01b0\u1edfng n\u00e0y \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 b\u1edfi gi\u1ea3 \u0111\u1ecbnh vi\u1ec7c b\u00e1n v\u00e0 b\u00e0n giao to\u00e0n b\u1ed9 c\u00e1c c\u0103n th\u1ea5p t\u1ea7ng t\u1ea1i d\u1ef1 \u00e1n Gladia s\u1ebd \u0111\u01b0\u1ee3c ho\u00e0n t\u1ea5t trong n\u0103m 2026, t\u1eadn d\u1ee5ng t\u1ed1i \u0111a l\u1ee3i th\u1ebf v\u1ec1 v\u1ecb tr\u00ed v\u00e0 ngu\u1ed3n cung h\u1ea1n ch\u1ebf trong khu v\u1ef1c.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dieu_chinh_Du_bao_va_Ke_hoach_Mo_ban_Du_an_Moi\"><\/span><strong>\u0110i\u1ec1u ch\u1ec9nh D\u1ef1 b\u00e1o v\u00e0 K\u1ebf ho\u1ea1ch M\u1edf b\u00e1n D\u1ef1 \u00e1n M\u1edbi<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Vietcap \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh t\u0103ng d\u1ef1 b\u00e1o LNST sau l\u1ee3i \u00edch C\u0110TS giai \u0111o\u1ea1n 2026\u20132027 l\u1ea7n l\u01b0\u1ee3t th\u00eam&nbsp;+45% v\u00e0 +59%.&nbsp;S\u1ef1 \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh m\u1ebd n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh d\u1ef1 ph\u00f3ng: (1)&nbsp;t\u1ed1c \u0111\u1ed9 b\u00e1n h\u00e0ng v\u00e0 b\u00e0n giao t\u1ea1i Gladia nhanh h\u01a1n&nbsp;so v\u1edbi k\u1ef3 v\u1ecdng ban \u0111\u1ea7u, nh\u1edd k\u1ebft qu\u1ea3 doanh s\u1ed1 b\u00e1n h\u00e0ng giai \u0111o\u1ea1n 1 v\u01b0\u1ee3t tr\u1ed9i; v\u00e0 (2)&nbsp;ti\u1ebfn \u0111\u1ed9 m\u1edf b\u00e1n d\u1ef1 \u00e1n B\u00ecnh Tr\u01b0ng \u0110\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea9y s\u1edbm l\u00ean n\u0103m 2027, thay v\u00ec n\u0103m 2028 nh\u01b0 d\u1ef1 ph\u00f3ng tr\u01b0\u1edbc \u0111\u00f3.<\/p>\n\n\n\n<p>Nh\u1edd vi\u1ec7c tung ra th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u d\u1ef1 \u00e1n m\u1edbi, Vietcap d\u1ef1 b\u00e1o doanh s\u1ed1 b\u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1ea1i c\u00e1c d\u1ef1 \u00e1n nh\u00e0 \u1edf c\u1ee7a KDH s\u1ebd \u0111\u1ea1t m\u1ee9c trung b\u00ecnh&nbsp;7,200 t\u1ef7 \u0111\u1ed3ng\/n\u0103m trong giai \u0111o\u1ea1n 2025 \u2013 2027, cao g\u1ea5p 3.7 l\u1ea7n m\u1ee9c trung b\u00ecnh 5 n\u0103m tr\u01b0\u1edbc.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"900\" height=\"783\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-1.png\" alt=\"\" class=\"wp-image-3240\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-1.png 900w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-1-300x261.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-1-768x668.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p>\u0110\u00e1ng ch\u00fa \u00fd, Ban l\u00e3nh \u0111\u1ea1o cho bi\u1ebft l\u1ee3i nhu\u1eadn n\u0103m 2026 c\u00f3 kh\u1ea3 n\u0103ng s\u1ebd&nbsp;t\u0103ng g\u1ea5p \u0111\u00f4i&nbsp;so v\u1edbi n\u0103m 2025, ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi doanh s\u1ed1 b\u00e1n h\u00e0ng v\u00e0 b\u00e0n giao c\u00e1c c\u0103n th\u1ea5p t\u1ea7ng c\u1ee7a d\u1ef1 \u00e1n&nbsp;Gladia by the Waters. C\u00f4ng ty d\u1ef1 ki\u1ebfn s\u1ebd ghi nh\u1eadn kho\u1ea3ng 80% doanh thu t\u1eeb c\u00e1c c\u0103n th\u1ea5p t\u1ea7ng c\u1ee7a d\u1ef1 \u00e1n Gladia t\u1eeb nay \u0111\u1ebfn h\u1ebft Qu\u00fd 2\/2026, ph\u1ea7n c\u00f2n l\u1ea1i s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u1eadn trong n\u1eeda cu\u1ed1i n\u0103m 2026.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Khai_mo_Gia_tri_Quy_dat_va_Trien_vong_Dai_han\"><\/span>Khai m\u1edf Gi\u00e1 tr\u1ecb Qu\u1ef9 \u0111\u1ea5t v\u00e0 Tri\u1ec3n v\u1ecdng D\u00e0i h\u1ea1n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Qu\u1ef9 \u0111\u1ea5t l\u1edbn t\u1ea1i khu v\u1ef1c trung t\u00e2m TP.HCM d\u1ef1 ki\u1ebfn s\u1ebd c\u1ee7ng c\u1ed1 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a KDH. C\u00f4ng ty \u0111\u00e3 c\u00f4ng b\u1ed1 danh m\u1ee5c qu\u1ef9 \u0111\u1ea5t v\u1edbi quy m\u00f4 h\u01a1n&nbsp;500 ha t\u1ea1i c\u00e1c khu v\u1ef1c trung t\u00e2m TP.HCM&nbsp;v\u00e0 s\u1edf h\u1eefu b\u1ec1 d\u00e0y kinh nghi\u1ec7m ph\u00e1t tri\u1ec3n c\u00e1c d\u1ef1 \u00e1n ch\u1ea5t l\u01b0\u1ee3ng cao, b\u00e0n giao \u0111\u00fang ti\u1ebfn \u0111\u1ed9. Vi\u1ec7c KDH t\u1eadp trung v\u00e0o c\u00e1c v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c, \u0111\u00e3 ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh t\u1ea1i TP.HCM, ti\u1ebfp t\u1ee5c gia t\u0103ng s\u1ee9c h\u00fat cho c\u00e1c s\u1ea3n ph\u1ea9m c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"731\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-2-1024x731.png\" alt=\"\" class=\"wp-image-3241\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-2-1024x731.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-2-300x214.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-2-768x548.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-2.png 1053w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p>C\u00e1c d\u1ef1 \u00e1n l\u1edbn nh\u01b0&nbsp;B\u00ecnh Tr\u01b0ng \u0110\u00f4ng&nbsp;(18.2 ha),&nbsp;The Solina&nbsp;(~16,4 ha), v\u00e0&nbsp;Khu c\u00f4ng nghi\u1ec7p (KCN) L\u00ea Minh Xu\u00e2n m\u1edf r\u1ed9ng&nbsp;(109.9 ha) \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd b\u1eaft \u0111\u1ea7u t\u0103ng t\u1ed1c t\u1eeb n\u0103m 2027 tr\u1edf \u0111i. KDH d\u1ef1 ki\u1ebfn m\u1edf b\u00e1n c\u00e1c s\u1ea3n ph\u1ea9m th\u1ea5p t\u1ea7ng t\u1ea1i B\u00ecnh Tr\u01b0ng \u0110\u00f4ng v\u00e0 The Solina t\u1eeb n\u0103m 2027, c\u00f9ng v\u1edbi vi\u1ec7c b\u1eaft \u0111\u1ea7u \u0111\u01b0a KCN L\u00ea Minh Xu\u00e2n m\u1edf r\u1ed9ng v\u00e0o kinh doanh. \u0110\u1ed1i v\u1edbi d\u1ef1 \u00e1n&nbsp;T\u00e2n T\u1ea1o&nbsp;(~330 ha), d\u1ef1 ki\u1ebfn kh\u1edfi c\u00f4ng v\u00e0o n\u0103m 2027, \u0111\u00f3ng vai tr\u00f2 l\u00e0 tr\u1ee5 c\u1ed9t cho tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"667\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-3-1024x667.png\" alt=\"\" class=\"wp-image-3242\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-3-1024x667.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-3-300x196.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-3-768x501.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/KDH-3.png 1077w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><em><strong>D\u1ef1 \u00e1n B\u00ecnh Tr\u01b0ng m\u1edf r\u1ed9ng (~18 ha)<\/strong><\/em><\/p>\n\n\n\n<p>D\u1ef1 \u00e1n n\u00e0y, li\u1ec1n k\u1ec1 Gladia, \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t ch\u1ee7 tr\u01b0\u01a1ng \u0111\u1ea7u t\u01b0 v\u00e0o th\u00e1ng 10\/2025. Ban l\u00e3nh \u0111\u1ea1o \u0111\u1eb7t m\u1ee5c ti\u00eau b\u1eaft \u0111\u1ea7u x\u00e2y d\u1ef1ng trong n\u0103m 2026 v\u00e0 m\u1edf b\u00e1n\/b\u00e0n giao t\u1eeb n\u0103m 2027,&nbsp;s\u1edbm h\u01a1n m\u1ed9t n\u0103m so v\u1edbi \u01b0\u1edbc t\u00ednh tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a Vietcap. Vi\u1ec7c \u0111\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9 d\u1ef1 \u00e1n n\u00e0y s\u1ebd gi\u00fap th\u00fac \u0111\u1ea9y tri\u1ec3n v\u1ecdng doanh s\u1ed1 b\u00e1n h\u00e0ng trong trung h\u1ea1n.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dinh_gia_va_Khuyen_Nghi\"><\/span><strong>\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn Ngh\u1ecb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>KDH hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/B d\u1ef1 ph\u00f3ng n\u0103m 2025\/26\/27 l\u1ea7n l\u01b0\u1ee3t l\u00e0&nbsp;2.1x\/1.9x\/1.7x. Vietcap nh\u1eadn \u0111\u1ecbnh m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y th\u1ea5p h\u01a1n m\u1ee9c trung b\u00ecnh 5 n\u0103m l\u00e0 2.2x v\u00e0 ch\u01b0a ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 ti\u1ec1m n\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a qu\u1ef9 \u0111\u1ea5t l\u1edbn t\u1ea1i khu v\u1ef1c trung t\u00e2m TP.HCM, n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n t\u00edch c\u1ef1c c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<p>R\u1ee7i ro ch\u00ednh \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp l\u00e0 ti\u1ebfn \u0111\u1ed9 m\u1edf b\u00e1n c\u00e1c d\u1ef1 \u00e1n quy m\u00f4 l\u1edbn, \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u1ef1 \u00e1n T\u00e2n T\u1ea1o, c\u00f3 th\u1ec3 ch\u1eadm h\u01a1n d\u1ef1 ki\u1ebfn.<\/p>\n\n\n\n<p>Hi\u1ec7n t\u1ea1i, c\u1ed5 phi\u1ebfu KDH \u0111ang giao d\u1ecbch v\u1edbi chi\u1ebft kh\u1ea5u 28.9% so v\u1edbi \u01b0\u1edbc t\u00ednh Gi\u00e1 tr\u1ecb T\u00e0i s\u1ea3n r\u00f2ng (RNAV), nh\u1ecf h\u01a1n so v\u1edbi m\u1ee9c b\u00ecnh qu\u00e2n 3 n\u0103m l\u00e0 37%. C\u1ed5 phi\u1ebfu c\u0169ng \u0111ang giao d\u1ecbch v\u1edbi h\u1ec7 s\u1ed1 P\/E tr\u01b0\u1ee3t d\u1ef1 ph\u00f3ng 1 n\u0103m l\u00e0 39 l\u1ea7n, cao h\u01a1n so v\u1edbi b\u00ecnh qu\u00e2n 3 n\u0103m \u1edf m\u1ee9c 28.3 l\u1ea7n. D\u1ef1a tr\u00ean nh\u1eefng ph\u00e2n t\u00edch n\u00e0y, HSC (7.11.2025) duy tr\u00ec khuy\u1ebfn ngh\u1ecb&nbsp;T\u0103ng t\u1ef7 tr\u1ecdng&nbsp;\u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu KDH, v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau l\u00e0&nbsp;39,700 \u0111\u1ed3ng.<\/p>\n\n\n\n<p>MBS (30.10.2025) duy tr\u00ec khuy\u1ebfn ngh\u1ecb&nbsp;KH\u1ea2 QUAN&nbsp;cho KDH v\u00e0 t\u0103ng gi\u00e1 m\u1ee5c ti\u00eau l\u00ean&nbsp;43,200 VN\u0110\/c\u1ed5 phi\u1ebfu, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1&nbsp;20.8%. M\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau m\u1edbi n\u00e0y cao h\u01a1n 20% so v\u1edbi d\u1ef1 b\u00e1o g\u1ea7n nh\u1ea5t, do MBS \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u ch\u1ec9nh sau:<\/p>\n\n\n\n<ol start=\"1\">\n<li>T\u0103ng gi\u00e1 b\u00e1n d\u1ef1 ph\u00f3ng t\u1ea1i Gladia&nbsp;ph\u00f9 h\u1ee3p v\u1edbi th\u1ef1c t\u1ebf m\u1edf b\u00e1n th\u00e0nh c\u00f4ng.<\/li>\n\n\n\n<li>\u00c1p d\u1ee5ng m\u1ee9c chi\u1ebft kh\u1ea5u th\u1ea5p h\u01a1n cho d\u1ef1 \u00e1n T\u00e2n T\u1ea1o&nbsp;nh\u1edd k\u1ef3 v\u1ecdng ti\u1ebfn tri\u1ec3n ph\u00e1p l\u00fd t\u00edch c\u1ef1c h\u01a1n.<\/li>\n<\/ol>\n\n\n\n<p>Hi\u1ec7n t\u1ea1i, KDH \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c&nbsp;P\/B d\u1ef1 ph\u00f3ng 2025 l\u00e0 2.0x&nbsp;\u2013 th\u1ea5p h\u01a1n so v\u1edbi P\/B trung b\u00ecnh 5 n\u0103m (2.2x), cho th\u1ea5y m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn trong b\u1ed1i c\u1ea3nh l\u1ee3i nhu\u1eadn d\u1ef1 ki\u1ebfn b\u1ee9t ph\u00e1.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>So S\u00e1nh Quan \u0110i\u1ec3m C\u1ee7a Vietcap v\u00e0 MBS V\u1ec1 C\u1ed5 Phi\u1ebfu KDH<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Ti\u00eau Ch\u00ed<\/th><th>Vietcap (B\u00e1o c\u00e1o ng\u00e0y 13\/11\/2025)<\/th><th>MBS (B\u00e1o c\u00e1o ng\u00e0y 30\/10\/2025)<\/th><\/tr><tr><td>Khuy\u1ebfn Ngh\u1ecb<\/td><td>MUA<\/td><td>KH\u1ea2 QUAN<\/td><\/tr><tr><td>Gi\u00e1 M\u1ee5c Ti\u00eau (G\u00eda MT)<\/td><td>48,500 \u0111\u1ed3ng\/CP&nbsp;(T\u0103ng 3%)<\/td><td>43,200 \u0111\u1ed3ng\/CP&nbsp;(T\u0103ng 20.8%)<\/td><\/tr><tr><td>\u0110\u1ed9ng L\u1ef1c T\u0103ng G\u00eda MT<\/td><td>(1) \u0110\u1ecbnh gi\u00e1 cao h\u01a1n cho d\u1ef1 \u00e1n B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, (2) T\u0103ng gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u00e1c d\u1ef1 \u00e1n ch\u01b0a c\u00f4ng b\u1ed1.<\/td><td>(1) T\u0103ng gi\u00e1 b\u00e1n d\u1ef1 ph\u00f3ng t\u1ea1i Gladia, (2) \u00c1p d\u1ee5ng m\u1ee9c chi\u1ebft kh\u1ea5u th\u1ea5p h\u01a1n cho d\u1ef1 \u00e1n T\u00e2n T\u1ea1o (nh\u1edd ti\u1ebfn tri\u1ec3n ph\u00e1p l\u00fd).<\/td><\/tr><tr><td>\u0110\u1ed9ng L\u1ef1c L\u1ee3i Nhu\u1eadn Ch\u00ednh (2025-2026)<\/td><td>D\u1ef1 \u00e1n Gladia by the Waters (Th\u1ea5p t\u1ea7ng), v\u1edbi k\u1ef3 v\u1ecdng b\u00e0n giao ho\u00e0n t\u1ea5t trong n\u0103m 2026. L\u00e3nh \u0111\u1ea1o t\u1ef1 tin&nbsp;L\u1ee3i nhu\u1eadn 2026 t\u0103ng g\u1ea5p \u0111\u00f4i 2025.<\/td><td>D\u1ef1 \u00e1n Gladia by the Waters (Th\u1ea5p t\u1ea7ng), v\u1edbi t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 100% G\u01101. K\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c l\u00e0 b\u1ec7 \u0111\u1ee1 l\u1ee3i nhu\u1eadn v\u1eefng ch\u1eafc.<\/td><\/tr><tr><td>D\u1ef1 Ph\u00f3ng T\u0103ng Tr\u01b0\u1edfng LNST (2026)<\/td><td>T\u0103ng 70%&nbsp;(\u0110\u1ea1t 1,800 t\u1ef7 \u0111\u1ed3ng) so v\u1edbi 2025.<\/td><td>T\u0103ng 32% \u2013 56%&nbsp;so v\u1edbi c\u00f9ng k\u1ef3 (cho giai \u0111o\u1ea1n 2025-2026).<\/td><\/tr><tr><td>\u0110i\u1ec3m Nh\u1ea5n V\u1ec1 D\u1ef1 \u00c1n<\/td><td>\u0110\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9&nbsp;c\u00e1c d\u1ef1 \u00e1n trung d\u00e0i h\u1ea1n: B\u00ecnh Tr\u01b0ng \u0110\u00f4ng (s\u1edbm l\u00ean 2027), B\u00ecnh Tr\u01b0ng m\u1edf r\u1ed9ng (s\u1edbm l\u00ean 2027).<\/td><td>K\u1ebft qu\u1ea3 Q3\/2025 \u1ea5n t\u01b0\u1ee3ng&nbsp;nh\u1edd Gladia (Doanh thu t\u0103ng 335% YoY, Bi\u00ean g\u1ed9p k\u1ef7 l\u1ee5c 70.7%). T\u1eadp trung v\u00e0o&nbsp;<strong>ti\u1ebfn tri\u1ec3n ph\u00e1p l\u00fd<\/strong>&nbsp;t\u00edch c\u1ef1c c\u1ee7a T\u00e2n T\u1ea1o (c\u01a1 ch\u1ebf thu h\u1ed3i \u0111\u1ea5t v\u01b0\u1ee3t ng\u01b0\u1ee1ng 75%).<\/td><\/tr><tr><td>\u0110\u1ecbnh Gi\u00e1 (P\/B 2025)<\/td><td>2.1x&nbsp;(Th\u1ea5p h\u01a1n m\u1ee9c trung b\u00ecnh 5 n\u0103m l\u00e0 2.2x).<\/td><td>2.0x&nbsp;(Th\u1ea5p h\u01a1n m\u1ee9c P\/B trung b\u00ecnh 5 n\u0103m l\u00e0 2.2x).<\/td><\/tr><tr><td>Quan \u0111i\u1ec3m v\u1ec1 Qu\u1ef9 \u0110\u1ea5t<\/td><td>Nh\u1ea5n m\u1ea1nh&nbsp;Qu\u1ef9 \u0111\u1ea5t l\u1edbn t\u1ea1i khu v\u1ef1c trung t\u00e2m TP.HCM&nbsp;(tr\u00ean 500 ha) c\u1ee7ng c\u1ed1 s\u1ee9c h\u1ea5p d\u1eabn v\u00e0 tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n (T\u00e2n T\u1ea1o, B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, The Solina, KCN L\u00ea Minh Xu\u00e2n m\u1edf r\u1ed9ng).<\/td><td>Nh\u1ea5n m\u1ea1nh vai tr\u00f2 c\u1ee7a Gladia v\u00e0 k\u1ef3 v\u1ecdng Gladia s\u1ebd t\u1ea1o n\u1ec1n t\u1ea3ng \u0111\u1ec3 tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n kh\u00e1c nh\u01b0 B\u00ecnh Tr\u01b0ng \u2013 B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, T\u00e2n T\u1ea1o hay Phong Ph\u00fa 2 (Green Village).<\/td><\/tr><tr><td>M\u1edf b\u00e1n D\u1ef1 \u00e1n M\u1edbi<\/td><td>D\u1ef1 ki\u1ebfn doanh s\u1ed1 b\u00e1n B\u0110S \u0111\u1ea1t trung b\u00ecnh&nbsp;7,200 t\u1ef7 \u0111\u1ed3ng\/n\u0103m&nbsp;trong 2025\u20132027 (cao g\u1ea5p 3.7 l\u1ea7n TBCN 5 n\u0103m tr\u01b0\u1edbc).<\/td><td>K\u1ef3 v\u1ecdng KDH m\u1edf b\u00e1n Giai \u0111o\u1ea1n 2 Gladia ngay trong Q4\/2025.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Tr\u00ean \u0111\u1ed3 th\u1ecb, KDH \u0111\u00e3 gi\u00e0nh lai MA50 ng\u00e0y, ho\u00e0n th\u00e0nh nh\u1ecbp pullback sau khi breakout \u0111\u01b0\u1eddng trendline. ckvn.net  \u0111\u00e3 khuy\u1ebfn ngh\u1ecb mua KDH \u1edf v\u00f9ng gi\u00e1 33,000 v\u00e0 ti\u1ebfp t\u1ee5c n\u1eafm gi\u1eef.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/elibook.vn\/wp-content\/uploads\/2025\/11\/KDH-chart-1.png\"><img decoding=\"async\" src=\"https:\/\/elibook.vn\/wp-content\/uploads\/2025\/11\/KDH-chart-1.png\" alt=\"\" class=\"wp-image-112945\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>KDH b\u01b0\u1edbc v\u00e0o chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh 2025\u20132027.<br \/>\nL\u1ee3i nhu\u1eadn qu\u00fd 4\/2025 d\u1ef1 ki\u1ebfn b\u1ee9t ph\u00e1 484 t\u1ef7 (+22% YoY, g\u1ea5p \u0111\u00f4i qu\u00fd tr\u01b0\u1edbc) nh\u1edd b\u00e0n giao Gladia by the Waters. N\u0103m 2026\u20132027, LNST d\u1ef1 b\u00e1o t\u0103ng v\u1ecdt l\u00ean 1,800 t\u1ef7 (+70% YoY) khi ho\u00e0n t\u1ea5t b\u00e0n giao Gladia v\u00e0 chu\u1ea9n b\u1ecb m\u1edf b\u00e1n B\u00ecnh Tr\u01b0ng \u0110\u00f4ng, c\u00e1c d\u1ef1 \u00e1n l\u1edbn ti\u1ebfp \u0111\u00e0 t\u0103ng.<br \/>\n\u0110\u1ecbnh gi\u00e1 v\u1eabn h\u1ea5p d\u1eabn P\/B 2025 = 2.0x (th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m 2.2x).<br \/>\nC\u00e1c CTCK l\u1edbn nh\u01b0 Vietcap \u2013 HSC \u2013 MBS \u0111\u1ec1u n\u00e2ng gi\u00e1 m\u1ee5c ti\u00eau l\u00ean 39,700 \u2013 48,500 \u0111\/cp, \u0111\u1ed3ng thu\u1eadn khuy\u1ebfn ngh\u1ecb MUA \/ KH\u1ea2 QUAN cho KDH.<\/p>\n","protected":false},"author":1,"featured_media":3323,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[174],"tags":[281,889,935,937,250,265,940,259,354,226,857,933,942,765,941,943,932,273,292,939,934,936,938,264,351],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3235"}],"collection":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/comments?post=3235"}],"version-history":[{"count":6,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3235\/revisions"}],"predecessor-version":[{"id":3325,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3235\/revisions\/3325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/3323"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=3235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=3235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=3235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}