KDH – Project launches facing headwinds – Update
- After a stellar FY18 with 61.3% yoy growth in net profit to touch VND808.9bn, KDH is expected to see only muted net profit growth of 4.4% this year.
- Presales transaction value in FY18 undershot the company’s target by 42%, largely due to licensing delays on the Hermosa project.
- Maintain Hold rating but with a lower TP to reflect a higher COE and the risk of delays in cash collection due to delays in the Hermosa project.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
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Sector
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VND31,400
|
VND33,500
|
1.59%
|
HOLD
|
PROPERTY DEVT & INVT
|
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