KDH – Steady growth for an in-line 9MFY19 – Earnings Flash

• 3QFY19 net profit jumped 76.5% yoy to VND296bn, primarily due to the sale of a higher gross margin land parcel in the Khang Phuc project.
• Although 9M19 NP at VND510bn (+26.4% yoy) formed 55% of our FY19F forecast, we deem the results in-line as we expect a much stronger 4Q19F.
• We maintain our Add call with a RNAV-based TP of VND28,300.

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