KDH – A tremendous year – Update

• VND404.9bn net profit booked in 4Q18 was derived from the handover of 440 condo units of Jamila project and remaining landed properties in Phu Huu.
• FY18 net profit surged 61.4% yoy to VND808.9bn, in line with our forecasts.
• Actual presales in 2018 of VND1,498bn made up just 58% of guidance due to the delay of the Hermosa project till 2Q19 on construction licensing issues.
• Maintain Hold rating given neutral outlook on the real estate market in 2019.

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