We initiate on KDF with a post-listing target price of VND57,400 compared to the price sold from Kido Group (HSX: KDC) to public investors in March 2017 of VND52,000. Against bright industry prospects, KDF (35% market share in ice cream) possesses a strong operating platform ranging from production, distribution to products and brands. KDF plans to launch frozen foods to complement ice cream sales.