KDH [O-PF +14.1%] - Diversifying to maintain favourable position in eastern market - Update

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We increase our target price by 18% resulting in an O-PF rating with 14.1% total return. 63% Y-o-Y growth of 9M 2016 contract sales spurs 2016F and 2017F EPS Y-o-Y growth of 31% and 56% respectively. We forecast contract sales value to surge 51% in 2017 on the back of a diversified project pipeline. 2016 P/B of 1.3x looks appealing with KDH’s strong brand equity and decent land bank.
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