KDH [O-PF +18.6%] - Early Hermosa launch accelerates BCI land monetization - Update

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We reiterate our OUTPERFORM rating on KDH, with 18.6% total return, and keep our target price broadly flat at VND39,400 per share. We project 2018 NPAT-MI to grow by 58% to VND803bn (USD35mn), mainly driven by several landbank transfers and scheduled deliveries at KDH’s Jamila and Rosita developments. We lower our 2018 contract sales value assumption by 29% to VND2.9tn (USD127mn, flat vs 2017) as we expect KDH to only launch its Sapphire and Hermosa projects in 2018.
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