- We maintain our BUY rating for KDH with a target price (TP) of VND42,100/share.

- Our TP is unchanged as the lower net debt balance at end-2024 is offset by rescheduling our projected presales at Tan Tao to start in 2027F vs 2026F previously.

- For 2025F, we forecast NPAT-MI growth of 17% YoY to VND947bn (USD37mn), driven by (1) the handovers of remaining presold units at The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units; 100% presold and ~60% handed over by end-2024), and (2) our expected sales at the low-rise portion of the JV project with Keppel (Thu Duc City, HCMC; KDH holds 51%).

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