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

Company Note 06/11/2019    123

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND27,200

VND28,300

1.90%

ADD

PROPERTY DEVT & INVT

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