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KDH – A short-term bet – Update

Company Note 20/08/2019    139

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  • 1H19 net profit dropped 9% yoy, meeting only 25.6% of our previous FY19 forecast as more project deliveries are scheduled for 2H19.
  • We expect a 73% rise in KDH’s presales, thanks to the launches of Venita Park and Lovera Vista in 2H19.
  • Upgrade to Add from Hold, but with a lower TP of VND28,300 to reflect its 30% stock dividend issued in 2Q19 and higher project selling prices.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND24,000

VND28,300

2.08%

ADD

PROPERTY DEVT & INVT

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