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Real Estate Sector – Update – 20181025

Sector note 25/10/2018    300


  • We attended the 3Q18 Savills update on the HCMC property market. The condo segment saw healthy sales volume and absorption rates in 9M2018.
  • Although we expect mortgage rates to increase 50-100bp in 2019F, we project a stable residential market given the affordable mortgage payment-to-income ratio.
  •  We stay positive on KDH and NLG, with unchanged earnings forecasts for FY18-20F.
  • This is premised on their solid reputations, focus on real demand for grade C properties, and attractive mortgage rates

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