KDH – 4Q19 results in line with expectations – Update

• KDH’s FY19 net profit reached VND915.3bn (+13.3% yoy) accounting for 99.4%/101.7% of our forecast/management’s projection, respectively.
• We estimate that FY19 presales were on track, thanks to the launch of the Lovera Vista project in 4Q19.
• We maintain Hold as the positives appear to have been priced in.

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