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KDH – Potential growth has been largely priced in – Update

Company Note 19/12/2019    175

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  • While 9M19 net profit made up just 55.4% of our FY19F number, we expect a huge delivery in 4Q19F to help the company meet our full-year forecast.
  • FY19F presales are also expected to be on track, thanks to the launches of the Venita and Lovera Vista projects in 2H19F.
  • We downgrade from Add to Hold as the positives appear to be priced in.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND26,300

VND28,300

1.90%

HOLD

PROPERTY DEVT & INVT

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