On November 6, shares of Khang Dien House Trading and Investment (KDH) closed at VND 15,100, up 5.23%.Người Đưa Tin In the same session, Longwoods Worldwide Limited, an entity in the foreign investor group that VinaCapital Fund Management reports on, received 12.5 million KDH shares through a negotiated trade worth VND 179.4 billion.Tin Nhanh Chứng khoán Dividing value by volume gives an average of about VND 14,350 per share. That is Investify's own calculation from two figures in press reports, not a published price. It matches the November 5 close, which was the reference price for November 6, and sits roughly 5% below where the stock closed on the board.
The deal lifted the VinaCapital group's stake in Khang Dien from 6.2% to 7.2% of charter capital.Báo Pháp luật On results, Khang Dien reported nine-month consolidated profit after tax of VND 1,267.68 billion, up 50.8% year on year and 84.5% of its full-year plan, even though the third quarter on its own fell sharply. The numbers raise three questions: how the block was bought, where the fund group sits among shareholders, and what the profit picture looks like to a buyer.
How a negotiated trade differs from order matching
According to two ownership reports Khang Dien published on November 9, as relayed by FireAnt, Longwoods Worldwide Limited is registered in the British Virgin Islands, was formed in February 2011, and lists a contact address in the Sun Wah building, 115 Nguyen Hue, Ho Chi Minh City. Before the deal it held no KDH shares. Afterwards it owned 1.0038% of charter capital, and the report gives its purpose as restructuring its investment portfolio.FireAnt
A negotiated trade is one where buyer and seller agree volume and price between themselves, then report it to the exchange for execution. It does not pass through the automatic order book, so it does not set the matched price or the closing price. On November 6, KDH traded 40,975,300 shares in total. After removing the 12.5 million negotiated shares, about 28.5 million were matched on the board. The session's 5.23% gain came from that matched portion, while Longwoods' block was fixed at a price that had not yet risen.
For anyone holding KDH, this is worth keeping in mind. A fund's buying through a negotiated trade does not show up as price steps on the board. It shows up in an ownership report a few days later.
Where the VinaCapital group sits among shareholders
The report on the related foreign investor group covers six entities: Vietnam Investment Limited, Vietnam Ventures Limited, Vietnam Enterprise Limited, Vietnam Investment Property Limited, Longwoods Worldwide Limited and VOF Investment Limited. Before the deal the group held nearly 77.3 million shares, or 6.2073% of capital. Afterwards it held nearly 89.8 million, or 7.2111%.FireAnt
Most of those shares sit with one entity. Vietnam Enterprise Limited holds more than 74.45 million shares, or 5.9787% of capital, and is the only member above the 5% threshold on its own. Longwoods' 12.5 million shares therefore make up the second-largest holding in the group, many times the size of Vietnam Investment Property Limited's stake of just over 1.78 million shares.FireAnt
The major-shareholder change report uses a wider scope. Besides the six foreign entities, its list includes three domestic funds managed by VinaCapital and Generali Vietnam Life Insurance Co., Ltd. Counting all of them, total ownership after the deal is 96.33 million shares, or 7.7357% of capital.FireAnt So one transaction carries two percentages: 7.2% for the foreign group and 7.7% for the wider one. Press reports on November 10 used 7.2%.
The VinaCapital group is not the only party to raise its stake in Khang Dien this year. Mr. Ly Tuan Kiet, Deputy General Director of Khang Dien, bought 20 million KDH shares between July 23 and August 21, lifting his holding from 0.056% to 1.84% of charter capital.Tin Nhanh Chứng khoán The two purchases differ clearly: Mr. Kiet built his position over almost a month, while Longwoods took its block in a single trade.
The profit picture: thin Q3, strong nine months
According to the Q3/2026 consolidated financial statements, as relayed by Người Đưa Tin, Khang Dien recorded revenue of VND 41.43 billion, down 96.2% year on year. Gross profit fell to VND 6.15 billion, down 99.2%, and the gross margin slid from 70.6% to 14.8%. Consolidated profit after tax for Q3 came to VND 168.79 billion, down 67.9%.Người Đưa Tin
Profit fell much less than gross profit because of two items: income from joint ventures and associates of VND 132.7 billion, against none a year earlier, and other profit of VND 126.63 billion, against a VND 5.24 billion loss. Profit attributable to Khang Dien shareholders, after deducting minority interests, was VND 176 billion in Q3, down 25% year on year, based on Vietcap data relayed by Người Quan Sát.Người Quan Sát The two measures differ a lot, so when reading news on Khang Dien it pays to check which figure is being used.
Net revenue also understates the contribution of the Gladia project. Per Người Quan Sát citing Vietcap, Khang Dien handed over 15 low-rise units at Gladia in Q3, and the handovers flow into both revenue and income from associates. Gladia is developed by Khang Dien together with the Keppel group, in a 51% to 49% split. In Vietcap's reading, part of the VND 132.7 billion associate income comes from Gladia handovers, only booked on a different line from revenue. The same source says the net other income of about VND 127 billion is mainly compensation for part of a land plot affected by a public road project.Người Quan Sát
Over the longer period, results run the other way. For the first nine months, Khang Dien had revenue of VND 483.43 billion, down 83.1%, yet consolidated profit after tax reached VND 1,267.68 billion, up 50.8% year on year and 84.5% of the VND 1,500 billion profit plan for 2026.Tin Nhanh Chứng khoán The gap to the plan is about VND 232 billion, calculated from those two figures. The full-year revenue plan is VND 4,200 billion, with a planned dividend of 10%.Báo Pháp luật Nine-month revenue is only just over 11% of that target, so most of the revenue plan is loaded into Q4.
The end-Q3 balance sheet shows Khang Dien holding more cash than at the start of the year. According to Phụ Nữ Việt Nam, cash and cash equivalents stood at VND 6,199 billion, nine-month operating cash flow was positive at VND 470.2 billion, and financing cash flow was positive by about VND 5,304 billion. The paper notes that most of the rise in cash came from net borrowing, so the large cash pile eases near-term payment capacity but does not mean home sales are generating more cash on their own.Phụ Nữ Việt Nam
Longwoods' deal came after a long slide in the stock. Over 52 weeks KDH ranged from VND 13,000 to VND 32,182, and the price fell 46.55% over one year.Người Đưa Tin The only purpose stated in the ownership report is restructuring the investment portfolio, so this article attaches no further reason to the decision to buy.
What comes next for KDH
KDH was up about 5% during the afternoon session on November 10, trading around VND 15,850, about 10% above the implied average price of the negotiated block. An intraday move is not an end-of-day result.
A more useful marker than the intraday price is the number of Gladia units handed over. At Gladia by the Waters, the low-rise zone of 226 units, cumulative handovers by the end of Q3 were about 95. Under Khang Dien's plan as relayed by Vietcap, the company expects to hand over another 15 units in Q4/2026 and 30 in 2027. The high-rise zone, Gladia Heights, opened for sale on August 1, 2026 with about 500 apartments and is expected to begin handovers in 2027.Người Quan Sát
The Q4 financial statements, expected in late January 2027, will show whether Khang Dien can cover the remaining VND 232 billion or so of its profit plan, and where that profit comes from. If associate income and real estate transfer revenue both rise from Q3, home sales have started to return to the results. If those two lines stay at Q3 levels, 2026 results will mainly come from income outside home sales, and the home-sales story shifts to 2027 with Gladia Heights. Both scenarios use the same yardstick: the associate-income and transfer-revenue lines compared with Q3.