KDH – A lacklustre start to the year – Update

• 1Q19 earnings were flat to make up 12.1% of our full-year forecast, below expectations.
• Two new projects will be launched for sale this year, which will propel FY19F presales up by 73.2% yoy, in our view.
• Maintain Hold with unchanged RNAV-based TP of VND33,500.

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