KDH – Project launches facing headwinds – Update

• After a stellar FY18 with 61.3% yoy growth in net profit to touch VND808.9bn, KDH is expected to see only muted net profit growth of 4.4% this year.
• Presales transaction value in FY18 undershot the company’s target by 42%, largely due to licensing delays on the Hermosa project.
• Maintain Hold rating but with a lower TP to reflect a higher COE and the risk of delays in cash collection due to delays in the Hermosa project.

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