- We maintain our BUY rating for KDH and raise our target price by 10% to VND40,000/share. Our higher target price is mainly due to a higher target P/B for Phong Phu 2 (Binh Chanh District, HCMC) and Binh Trung Dong (Thu Duc City, HCMC) as these projects have positive land clearance progress and are planned to be implemented in the medium term (per management).

- We forecast 2024F NPAT-MI growth of 43% YoY to VND1.0tn (USD42mn), mainly driven by the scheduled handovers at The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units, ~99% presold as of February 2024, all three blocks fully topped off by January 2024), in addition to the remaining units at Classia (a total of ~180 units; 95% presold and 90% handed over as of end-2023). 

- We revise down our 2024/25F NPAT-MI forecasts by 7%/7%, respectively, which is mainly due to the rescheduling of our sales recognition for Emeria.

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