We reiterate our BUY rating for KDH and keep our 2019-2021F earnings and presales forecasts broadly unchanged. We increase our target price by 8% to VND32,000/share due to a roll-over of our valuation and an upward revision on the assumed selling prices at Corona City. The share price has rallied by around 20% over the last four months. We maintain our forecast of 28% NPAT-MI CAGR over 2018-2021F, mainly supported by handovers of Verosa Park, Lovera Vista and Safira with positive construction