KDH – A short-term bet – Update

• 1H19 net profit dropped 9% yoy, meeting only 25.6% of our previous FY19 forecast as more project deliveries are scheduled for 2H19.
• We expect a 73% rise in KDH’s presales, thanks to the launches of Venita Park and Lovera Vista in 2H19.
• Upgrade to Add from Hold, but with a lower TP of VND28,300 to reflect its 30% stock dividend issued in 2Q19 and higher project selling prices.

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