[Vietnam] Real Estate 29 December, 2021

KHAI HOAN LAND REAL ESTATE JSC Buy

(HOSE: KHG) (Initiation)

TP: VND27,200
New projects to serve as growth engine (+35.3%)

Mirae Asset Securities (Vietnam) LLC.

Tran Tuan Long, long.tt@miraeasset.com.vn

Investment thesis Bulk of profit currently comes from brokerage segment

 Khai Hoan Land Real Estate JSC (KHG) leads Southern Vietnam’s brokerage market with a market
share of over 20%, higher than key competitors such as Dat Xanh Mien Nam, Danh Khoi, and Dong
Tay Land. KHG currently has nearly 4,000 employees (+15% YoY) at more than 30 branches across
Vietnam (versus only 16 branches in 1Q21).

 KHG is also the main partner for major investors (GS, Masterise Homes, and Keppel Land) in many
large projects in Southern Vietnam, such as Vinhomes Central Park, Vinhomes Grand Park, and
Sunshine Diamond River. In Ho Chi Minh City, its market share in the primary brokerage segment last
year reached nearly 30%, higher than any competitor.

However, future growth momentum to come from developing new projects

 KHG is implementing four real estate projects in the South, mainly in coastal areas, such as Nha Be,
Ba Ria - Vung Tau, Long An, and the tourist city of Phu Quoc. We expect these projects to be handed
over to customers from 2023.

 More than 60% of the units in the La Partenza project have been booked and deposited by customers;
meanwhile, its market price has increased to over VND40mn/m2. KHG plans to hand over La Partenza
at end-2023/early-2024.
 In addition, KHG is also the exclusive broker for three projects of T&T: T&T City Millennia project (in
Long Hau, Can Giuoc, and Long An), T&T Pho Noi, and T&T DC Complex (in Hoang Mai, Hanoi). We
believe these projects have great potential, as they are located in prime locations, offered at
reasonable prices, and have completed all legal processes.

Valuation and Initiate Khai Hoan Land at Buy, with TP of VND27,200

recommendation
 We initiate Khai Hoan Land at Buy, with a target price of VND27,200 (upside: +35.3%). We believe KHG
is currently undervalued, due to: 1) better-than-expected Q3 results; 2) positive prospects for its real
estate projects; and 3) a promising brokerage segment, due to growing post-pandemic demand for
real estate.

Key Data
Current price (12/29/2021,VND) 20,100 Market cap (VNDbn) 6,376
NPAT (20F, VNDbn) 413 Shares outstanding (mn) 319
Consensus NPAT (20F, VNDbn ) - Free float (%) 40.4
EPS growth (20F, %) 333.4 Foreign ownership (%) 0.0
P/E (21F, x) 11.6 Beta (12M) -
Market P/E (x) 16.7 52-week high (VND) 13,050
VN-Index 1,486 52-week low (VND) 23,700

Share performance Earnings and valuation metrics

(%) 1M 6M 12M FY 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Absolute -2.7 - - Revenue (VNDbn) - 137 303 1,420 4,736 8,110
Relative -2.7 - - Gross profit (VNDbn) - (10) 99 517 1,743 2,632
Gross profit margin (%) - (7.3) 32.8 36.4% 36.8% 32.4%
NP (VNDbn) - 10 97 413 1,394 2,102
EPS (VND) - 85 709 2,364 4,372 3,211
ROE (%) - 6.4 8.8% 22.8% 25.6%
P/E (x) - - - 11.6 6.3 8.5
P/B (x) - - - 1.9 1.4 2.2
Source: Bloomberg, Mirae Asset Vietnam Research
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T A B L E O F C O N T E N T S

Investment Thesis 3

1. Success in brokerage segment comes from excellent commission policy 3

2. Expanding land bank to create future growth momentum 5

3. Financial position much better than competitors 9

Valuation & Recommendation 11

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INVESTMENT THESIS

1. Success in brokerage segment comes from excellent commission policy

KHG currently has more than 30 branches across the country, with a workforce of nearly

4,000. In 2020, it executed more than 7,000 transactions, raising its primary brokerage

market share in the Ho Chi Minh City market to almost 30%. Revenue from the brokerage

segment is impressive, reaching VND511bn in 9M21 (+70% compared with total revenue

in 2020). In 2Q21 alone, revenue from this segment reached over VND208bn, even while

Ho Chi Minh City was enforcing strict social distancing measures.

Figure 1: Revenue from brokerage service (VNDbn)

511.7

302.9

171.1
136.6

2018 2019 2020 9M2021

Source: KHG, Mirae Asset Vietnam Research

Figure 2. Number of yearly transactions Figure 3. 2020 brokerage market share in HCMC

7,028

6,009 20%

4,922

3,990
3,526
3,250
2,600

Khải Hoàn ERA Rever

Southern Winland Salereal
Seareal DKDA Cenland

2014 2015 2016 2017 2018 2019 2020 PropertyX Others

Source: KHG, Mirae Asset Vietnam Research Source: KHG, Mirae Asset Vietnam Research

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KHG has maintained a significant market share in many big projects in HCMC and its

surrounding suburbs, such as Vinhomes Central Park, Vinhomes Grand Park, Vinhomes

Golden River, Infiniti, and Sunshine Diamond River, thanks to: 1) its flexible, market-

leading commission rate of 30%, which has enabled KHG to build a professional and

competitive sale team; and 2) an excellent online platform, developed pre-pandemic,

which proved especially useful during lockdowns and social-distancing measures.

Figure 4: Primary brokerage market share in several large projects

Source: KHG, Mirae Asset Vietnam Research

Even before the Covid pandemic, KHG has always been one of Vietnam’s leading

companies in reaching out to potential customers by using online platforms, such as

YouTube, Zoom, and even its own app. When the pandemic broke out, KHG was able to

cut back on selling expenses by using social networks, such as Facebook, Zalo, and other

online platforms, to advertise and stage opening events. As a result, the company's

selling expense/revenue is low, at only 7%, much lower than those of Dat Xanh Services

(DXS) and Danh Khoi (NRC). As the pandemic continues to be unpredictable, companies

with effective online presences will outperform peers that lack them, and KHG is poised

to benefit greatly from this.

According to our forecast, the supply of apartment units in Ho Chi Minh City will increase

steadily for the next two years, at a rate of by 10–15%, due to increasing housing demand

and continued elimination of several legal issues (in 4Q21 alone, about 10,000

apartment units will be on sale, equal to the supply in 9M21). As the leader in primary

brokerage market share, KHG is expected to record revenue from brokerage operations

of VND1,400bn in 2021, VND4,700bn in 2022, and VND8,000bn in 2023.

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Figure 5: Apartment unit supply in HCMC

14000

12000

10000

8000

6000

4000

2000

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
Source: CBRE, Mirae Asset Vietnam Research

2. Expanding land bank to create future growth momentum

KHG has four projects with a total area of more than 800 ha in Ho Chi Minh City, Vung

Tau, Phu Quoc, and Long An. These projects are all located in convenient locations with

great potential for development; for example, Helios Coastal City is located in the center

of Phu Quoc, while La Partenza sits on one of the main boulevards in HCMC. All of KHG’s

projects are in the final phases of their respective legal processes, especially the La

Partenza project, which is expected to complete its legal process this November.

Table 1: Ongoing KHG projects

Area
Project name Location Planning Legal process
(ha)

155 villas

Ong Lang Beach, Cua 343 shophouses

Helios Coastal Duong Commune, The 1/500 master plan was

1 51,84 74 resort
City Phu Quoc, Kien approved in November 2021.
apartments; and
Giang Province
more than 600

high-rise products

Le Van Luong Street,

Legal process is 90% completed.
Nhon Duc
2 La Partenza 1,9 1.296 units Building permit process was
Commune, Nha Be
completed in November 2021.
District

3 Go Gang - Long Go Gang Island and 170 In planning phase 1/2000 master plan approved in

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Son new urban Long Son Island, 2021, while 1/500 master plan

area (02 Vung Tau City, Ba Ria will be completed in 2022.

subdivisions) - Vung Tau Province

Duc Hoa Thuong 1/2000 master plan has been

Duc Hoa
Commune, Duc Hoa submitted for approval. Both
4 Thuong Smart 600 In planning phase
District, Long An 1/2000 and 1/500 master plans
Urban Area
Province to be completed in 2022.

Source: KHG, Mirae Asset Vietnam Research

 Of the projects listed above, the La Partenza project in Nha Be, which has been

in operation since 2019, is the most notable. So far KHG has received bookings,

along with deposits, for more than 60% of the total units on sale (current price

is VND40mn/m2), and plans to start handing over the project in late-2023 or

early-2024. With a strategic location located on one of the main roads in

southern HCMC, connecting with Can Gio, Long Thanh via the Ben Luc–Long

Thanh Highway, we forecast strong demand for the La Partenza project, which

should help cement solid brand equity for KHG's future projects.

Figure 6. Location of La Partenza Figure 7. Rendering of La Partenza

Source: KHG, Mirae Asset Vietnam Research Source: KHG, Mirae Asset Vietnam Research

 KHG's Helios Coastal City project in Phu Quoc has investment capital of more

than VND8,700bn and is in the final phase of obtaining legal approval. It is

expected to become a resort with more than 1,172 units, including villas, shops,

townhouses, and hotels. In particular, the project is designed with a large

amount of green space, with most units built facing the sea. With the great

potential for Phu Quoc’s tourism development, we expect this project to help

KHG maintain its growth momentum.

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Figure 8: Rendering of Helios Coastal City

Source: KHG, Mirae Asset Vietnam Research

 The Go Gang New Urban Area in Vung Tau and Duc Thuong Smart Urban Area

in Long An have submitted 1/2000 master plans, which await approval. Both

projects are urban areas with shops, villas, and townhouses. Both are expected

to start handovers from 2025. The Go Gang area is one of the most

comprehensively planned satellite towns in the South, developed in conjunction

with a number of reputable global urban planning companies.

Figure 9: Go Gang location

Source: Mirae Asset Vietnam Research

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Table 2: Project execution plan

Name 2021 2022 2023 2024 2025 2026

La Partenza

Helios

Go Gang (stage 1)

Duc Hoa Thuong

Source: KHG, Mirae Asset Vietnam Research

KHG is also investing in a number of T&T projects, such as T&T City Millennia, T&T Pho

Noi, and T&T DC Complex. Most notably, the T&T Millennia is expected to bring in

revenue for KHG in 3Q21 and 1Q22. In the near future, KHG will raise capital through

the offering of 144mn shares to buy back some of the on-sale units in these projects,

which expected to earn KHG VND2,304bn.

In addition, KHG is also participating in the development and distribution of many

other projects from T&T, with revenue expected to continue from 2023 onward.

Table 3: T&T projects where KHG is the exclusive distributor

Area Revenue booking

Name Location Sale plan
(ha) timeline

Phase 1: 32.5 ha Phase 1: 32.5 ha

4Q21–1Q22 4Q21–1Q22
Long Hau Commune, Can
T&T City
1 Giuoc District, Long An 267 Phase 2: 36 ha Phase 2: 36 ha
Millennia
Province 2Q22–4Q22 2Q22–4Q22

Remainder: 2022–2025 Remainder: 2022–2025

120 Dinh Cong, Dinh Cong

2 T&T DC Complex Ward, Hoang Mai District, 0.8 4Q21–1Q22 4Q21–2Q22

Hanoi.

Yen My district and My Hao

3 T&T Pho Noi 5.3 4Q21–1Q22 4Q21–2Q22
district, Hung Yen province

Source: KHG, Mirae Asset Vietnam Research

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3. Superior financial position to those of competitors

As a real estate brokerage, KHG’s debt is low; specifically, the total short-term and long-

term debts in 2019 and 2020 reached only VND138bn and VND612bn, respectively

(accounting for 1.3% and 15.2% of total assets, respectively). As of 3Q21, all of KHG's

loans came from bonds issued for deposits in projects KHG in which cooperates with

distribution and development. Overall, the company’s 3Q21 debt/total assets and

debt/equity ratios are insignificant, and below the industry average.

Table 4: Debt ratios compared with competitors

KHG NRC CRE HPX DXS NLG KDH Average

Debt/total assets 14.38 6.25 40.43 48.41 7.74 13.89 19.31 22.67

Debt/equity 19.83 8.68 94.35 129.46 14.66 28.93 28.6 50.78

Source: KHG, Mirae Asset Vietnam Research

Notably, KHG's selling and administrative expenses are low compared with those of

competitors. The strategy of paying higher commissions instead of monthly salaries —

in conjunction with a competent, professional workforce — has proven effective in

achieving high sales targets, thus saving on operating costs and increasing profitability

for KHG.

Figure 10: Profitability of KHG compared with its peers

ROA

ROE

0 1 2 3 4 5 6 7 8 9

KDH NLG DXS HPX CRE NRC KHG

Source: Bloomberg, Mirae Asset Vietnam Research

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KHG's profitability ratios are lower than the industry average, with ROE and ROA at only

2.18% and 1.61%, respectively. This is due to KHG's recent accumulation of debt to

develop its own real estate projects, as well as to buy wholesale T&T's already-finished

projects. Thus, we believe the ratios do not accurately reflect KHG’s financial health.

Figure 11: Sales expense ratios of KHG compared with its peers

30

25

20

15

10

0
Sale expenses / Revenue Administration expenses / Revenue

KHG NRC CRE HPX DXS NLG KDH

Source: KHG, Mirae Asset Vietnam Research

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VALUATION AND RECOMMENDATION

We believe Vietnam’s real estate brokerage industry still has a lot of potential for future

growth, as the market is showing many strong recovery signs, especially in light of the

government’s rapid removal of legal obstacles for many Southern Vietnam real estate

projects, which in turn will be favorable for KHG’s brokerage division, as well as its plans

for the development of its own projects. Moreover, we expect the La Partenza project to

prove successful in 2022, as the asking price of its units has, according to our survey,

increased by 10–15% since first going on sale in 2019. Other KHG projects, such as Helios

and Go Gang, also boast strong potential in light of their central locations in Phu Quoc

and Vung Tau, respectively. Thus, we consider KHG to be one of Vietnam’s most

promising real estate companies, and recommend Buy with a 12-month target price of

VND27,200 per share (expected upside of 35.3%).

Figure 12: Revenue and profit forecast to 2023

8,110

4,736

2,102
1,420 1,394

171 16 303 97 413

137 10

2018 2019 2020 2021 2022 2023

Revenue NPAT

Source: KHG, Mirae Asset Vietnam Research

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We used the comparison method, along with the discounted cash flow method (KHG

believes its brokerage services will continue to serve as its core business for many years

to come; this allows us to use the DCF method, which is not normally used for real estate

firms). For the P/E and P/B comparison method, we use the ratios of its peers, such as

Danh Khoi (NRC), Century (CRE), and Dat Xanh Services (DXS).

Table 5: Valuation using comparable method

Name EV / Revenue EV / EBITDA P/E P/B

DXS 3.98 8.96 11.60 2.80
NRC 20.02 -65.67 13.97 2.50
CRE 1.61 13.33 8.03 2.71
Average 11.2 2.67
12-month EPS (VND) 1,296
Book value (VND) 14,781
Price per share 26,989

Table 6: Valuation using discounted cash flow method (VNDbn)

2021 2022 2023 Terminal value

OCF 845 1,710 597
(+) interest expense * (1-Tax) 34 52 57
(-) CAPEX (426) (237) (406)
FCFF 453 1,526 249 2,489
Discount factor 1.00 1.12 1.25 1.40
Discounted FCFF 453 1,709 311 3,485
Enterprise value 5,957
(-) Net debt (2,763)
Equity value 8,720
Outstanding shares (mn) 318.8
Price per share (VND) 27,352

Table 7: KHG’s target price

Method Price per share Ratio Value

Comparable 26,989 50% 13,676
DCF (FCFF) 27,352 50% 13,495
Target price 27,171

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Khai Hoan Land Real Estate JSC (KHG VN)

Income statement (summarized) Statement of Financial Position (Summarized)

(VNDbn) 2019 2020 2021 2022 (VNDbn) 2019 2020 2021 2022
Net revenue 303 1,420 4,736 8,110 Current Assets 838 4,433 6,462 6,991
Cost of sales (160) (823) (2,842) (5,272) Cash and Cash Equivalents 162 3,279 5,296 5,741
Gross profit 143 597 1,895 2,839 AR & Other Receivables 675 988 995 1,054
SG&A 46 45 66 106 Inventories - 165 171 195
Operating profit (24) (42) (65) (72) Others 1 1 1 1
Operating profit (adjusted) (21) (43) (95) (162) Non-Current Assets 1,532 1,494 2,177 5,405
Non-Operating Profit (22) (41) (57) (79) Investments in Associates 1,316 783 872 991
Net Financial Income 121 517 1,743 2,632 Property, Plant and Equipment - 496 1,090 4,199
Net Gain from Inv in Associates 0 (0) (1) (3) Other non-current assets 216 215 215 215
Pre-tax Profit 121 516 1,742 2,628 Total Assets 2,371 5,927 8,639 12,396
Income Tax (24) (103) (348) (526) Current Liabilities 391 889 2,207 4,076
Profit from Continuing Operations - - - - AP & Other Payables 104 549 1,324 2,725
Other profit - - - - Short-Term Financial Liabilities 151 201 709 851
Net Profit 97 413 1,394 2,102 Other Current Liabilities 136 138 174 500
Net profit of the parent company 97 413 1,394 2,102 Non-Current Liabilities 222 326 326 112
Minority interests - - - - Long-Term Financial Liabilities 210 315 315 101
NPAT 97 413 1,394 2,102 Other Non-Current Liabilities 12 11 11 11
Net profit of the parent company 97 413 1,394 2,102 Total liabilities 612 1,215 2,533 4,188
Minority interests - - - - Stockholders' Equity 1,758 4,712 6,106 8,208
EBITDA 142 701 2,030 3,059 Capital Stock 1,600 3,188 3,188 6,548
FCF (Free Cash Flow) 176 386 1,421 134 Capital Surplus - 953 953 953
EBITDA Margin (%) 46.7% 49.3% 42.9% 37.7% Retained Earnings 158 571 1,965 708
Operating Profit Margin (%) 40.0% 36.4% 36.8% 32.4% Non-Controlling Interests - - - -
Net Profit Margin (%) 31.9% 29.1% 29.4% 25.9% Stockholders' Equity 1,758 4,712 6,106 8,208

Cash Flows (Summarized) Forecasts/Valuations (Summarized)

(VNDbn) 2019 2020 2021 2022 2019 2020 2021 2022
Cash Flows from Op Activities 192 845 1,710 597 P/E (x) - 21.1 6.3 8.5
Pre-tax Profit 121 516 1,742 2,628 P/CF (x) - 22.6 6.1 133.8
Non-cash expense 0 142 221 356 P/B (x) - 1.9 1.4 2.2
Depreciation - - - - EV/EBITDA (x) 1.4 8.5 2.3 4.4
Amortization 20 220 (96) (178) EPS (W) 709 1,296 4,372 3,211
Others - (165) (6) (25) CFPS (W) 1,097 1,210 4,459 204
Chg. in Working Capital 117 446 775 1,401 BPS (W) 10,988 14,781 19,153 12,536
Chg. in AR & Other receivables (10) 1 (0) (0) DPS (W) - - - -
Chg. in Inventories - (212) (578) (3,060) Payout ratio (%) 0.0% 0.0% 0.0% 0.0%
Chg. in AP & Other Payables - (103) (348) (526) Dividend Yield (%) 0.0% 0.0% 0.0% 0.0%
Income Tax Paid (56) (0) 0 0 Revenue Growth (%) 121.7% 368.8% 233.5% 71.2%
Cash Flows from Inv Activities (800) (424) (201) (80) EBITDA Growth (%) 817.6% 394.8% 189.6% 50.7%
Chg. in PP&E (800) (424) (201) (80) OP Growth (%) 744.9% 326.3% 237.4% 50.9%
Chg. in Intangible Assets - - - - EPS Growth (%) 734.1% 82.8% 237.4% -26.6%
Chg. in other long term inv 0 - - - Accounts Receivable Turnover (x) 0.5 1.7 4.8 7.9
Chg. in other non-current assets - - - - Inventory Turnover (x) - 10.0 17.0 28.8
Cash Flows from Fin Activities 751 2,697 507 (72) Accounts Payable Turnover (x) 578.8 1,787.8 2,150.5 1,845.6
Chg. in Financial Liabilities - 156 507 (72) ROA (%) 4.1% 7.0% 16.1% 17.0%
Issued shares - 2,541 - 3,360 ROE (%) 5.5% 8.8% 22.8% 25.6%
Dividends Paid - - - (3,360) ROIC (%) 4.6% 7.9% 19.5% 23.0%
Others 351 - - - Liability to Equity Ratio (%) 34.8% 25.8% 41.5% 51.0%
Increase (Decrease) in Cash 143 3,118 2,017 445 Current Ratio (%) 2.1 5.0 2.9 1.7
Beginning Balance 19 162 3,279 5,296 Net Debt to Equity Ratio (%) 20.5% 11.0% 16.8% 11.6%
Ending Balance 162 3,279 5,296 5,741 Interest Coverage Ratio (x) 6.9 13.3 27.8 37.7
Source: Company financial statements, Mirae Asset Vietnam projection

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APPENDIX 1

Important Disclosures & Disclaimers

2-Year Rating and Target Price History
Company (Code) Date Rating Target Price
Khai Hoan Land Real Estate JSC 11/17/2021 Buy 27,200

Stock Ratings Industry Ratings

Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving
Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes
Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening
Sell : Relative performance of -10%

Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆))
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months.
* Although it is not part of the official ratings at Mirae Asset Vietnam Co., Ltd., we may call a trading opportunity in case there is a technical or short-term material
development.
* The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future
earnings.
* The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Disclosures
As of the publication date, Mirae Asset Vietnam and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the
subject company's shares outstanding.

Analyst Certification
The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean
securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst
responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any
and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to
the specific recommendations or views contained in this report. Mirae Asset Vietnam Co., Ltd. (“Mirae Asset Vietnam”) policy prohibits its Analysts and
members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director
or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other
benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae
Asset Vietnam, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units,
the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not
know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Vietnam except as otherwise stated herein.

Disclaimers
This report was prepared by Mirae Asset Vietnam, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information
and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently
verified and Mirae Asset Vietnam makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation
of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report.
The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common
practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset
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This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in
any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client
of Mirae Asset Vietnam by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or
needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained
herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income
from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future
returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Vietnam, its affiliates and their directors, officers, employees and agents do
not accept any liability for any loss arising out of the use hereof.
Mirae Asset Vietnam may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report.
The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Vietnam may make investment
decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Vietnam, its affiliates and their directors, officers,

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employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a
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No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written
consent of Mirae Asset Vietnam. For further information regarding company-specific information as it pertains to the representations and disclosures in this
Appendix 1, please contact compliance@miraeasset.us.com or +1 (212) 407-1000

Distribution
United Kingdom: This report is being distributed by Mirae Asset Securities (UK) Ltd. in the United Kingdom only to (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant
Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents.
United States: Mirae Asset Vietnam is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation
of research reports and the independence of research analysts. This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of
FINRA/SIPC, to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6(b)(4) under the U.S. Securities
Exchange Act of 1934, as amended. All U.S. persons that receive this document by their acceptance hereof represent and warrant that they are a major U.S.
institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset
Vietnam or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders
with Mirae Asset Securities (USA) Inc. Mirae Asset Securities (USA) Inc. accepts responsibility for the contents of this report in the U.S., subject to the terms
hereof, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. Under no circumstances should any recipient of this
research report effect any transaction to buy or sell securities or related financial instruments through Mirae Asset Vietnam. The securities described in this
report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S.
persons absent registration or an applicable exemption from the registration requirements.
Hong Kong: This report is distributed in Hong Kong by Mirae Asset Securities (HK) Limited, which is regulated by the Hong Kong Securities and Futures
Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional
investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules
made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.
All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset
Vietnam or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae
Asset Vietnam and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Vietnam Research 15

12/29/2021 Khai Hoan Land Real Estate JSC

Mirae Asset Vietnam International Network

Mirae Asset Securities Co., Ltd. (Seoul) Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd.
One-Asia Equity Sales Team Units 8501, 8507-8508, 85/F 41st Floor, Tower 42
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Mirae Asset Securities (USA) Inc. Mirae Asset Wealth Management (USA) Inc. Mirae Asset Wealth Management (Brazil) CCTVM
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PT. Mirae Asset Sekuritas Indonesia
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Mirae Asset Securities (Singapore) Pte. Ltd. Mirae Asset Securities (Vietnam) LLC
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Tel: 65-6671-9845 Tel: 84-8-3911-0633 (ext.110)
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China China

Tel: 976-7011-0806 Tel: 86-10-6567-9699 Tel: 86-10-6567-9699 (ext. 3300)

Shanghai Representative Office
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Shanghai 200120
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Ho Chi Minh Representative Office Mirae Asset Capital Markets (India) Private Limited
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Tel: 86-21-5013-6392 Tel: 84-8-3910-7715 Tel: 91-22-62661336

Mirae Asset Vietnam Research 16