We trim our target price for KDH by 4% to VND35,000/share mainly due to a revision to our project launching progress forecast, which is partly offset by a higher assumption of selling prices and a DCF valuation roll-over. However, our rating is revised to OUTPERFORM from BUY amid a 12% increase in KDH’s stock price over the last three months. We revise our NPAT-MI forecast to VND817bn for 2018 (USD36mn, +63% YoY, down 5% vs our previous projection) and to VND908bn for 2019 (USD39mn, +11%