We downgrade our recommendation from BUY to OUTPERFORM as the share price increased 17.0% since our last update, but we maintain our RNAV-derived target price of VND17,900. Five weeks into sales, KDH sold 70 out of the 160 units at the Mega Residence project, which is a good performance. For FY14, KDH targets revenues of VND350bn (+211%) and NPAT of VND40bn vs VND125bn of losses in FY13 (we forecast VND37bn).