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KDH – A lacklustre start to the year – Update

Company Note 10/05/2019    121

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND29,700

VND33,500

2.08%

HOLD

PROPERTY DEVT & INVT

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