Khang Dien House (KDH VN): Ex-date for stock dividend
The Ho Chi Minh City head-quartered real estate developer decided July 17th as Ex-date for the upcoming stock dividend of 10%. Simultaneously, nearly 10 million additional shares at VND10,000 per share will be offered to eligible employees following the 2025 ESOP, effective from July 9th to 23rd. KDH reported Q1 results with revenue of VND710 billion (about USD27.3 million, up +113% YoY) and net income of VND122 billion (about USD4.7 million, up +93% YoY). KDH VN closed at VND29,700 per share on 4th July 2025, leading to 34.6x P/E and 1.7x P/B.
Waste-to-energy: Two new alternative energy plants approved in the Northern region
Hanoi - The provincial authority of Ha Noi passed a resolution on investing in a new waste-to-energy (WTE) plant, north to the Soc Son WTE plant. This plant is expected to process 2,400 tons of municipal waste (1,500 tons by 2030 and full capacity by 2040), generating electricity at designed capacity of 60MW. It requires at least VND7.5 trillion (about USD290 million) to complete following a PPP, in which the Government will contribute no financial capital. Shanghai-based SUS Environment and Hanoi-based Gree Invest JSC are currently the proposing partnership.
Hung Yen - The provincial authority approved a VND1.6 trillion (about USD60 million) WTE project, proposed by a partnership consisting of DragonGroup (local) and WangNeng Environment (Chinese). This powerplant is expected to come into operation in Q4 2026, incinerating 600 tons of municipal waste and generating electricity at capacity of 15MW.
HAGL Group (HAG VN): Expecting a huge gain in Q3
HAGL Group is wanting to adjust the 2025 profit objective due to an upcoming extraordinary income of over VND1 trillion (about USD38.5 million) in Q3 while recording considerable income from selling bananas and durians. In H1 2025, the company already completed 60% of its initial annual target profit without revenue from durians, therefore suggesting 2025 net income of about VND2.5 trillion (about USD96 million, up +147% YoY). Additionally, HAGL Group expects to develop 2,000 hectares of coffee – tea and 2,000 hectares of silkworm mulberry, starting from July 2025. The current situation suggests that the non-recurred income could come from over VND4 trillion of debt (half principal, half accrued interest) to-be-converted to equity. HAG VN closed at VND13,350 per share on 4th July 2025, implying 12.4x P/E and 1.5x P/B, following Q1 2025 financials.
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