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KDH – A tremendous year – Update

Company Note 01/02/2019    254

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND30,100

VND34,400

1.9%

HOLD

PROPERTY DEVT & INVT

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