We reiterate our BUY rating for KDH while trimming our target price by 2% to VND31,500 per share mainly due to a lower net cash balance as of end-2019.Project launching progress and business results in 2019 were broadly in line with our expectation. We revise down 2020F NPAT-MI by 5% to VND1.25tn (USD54.3mn, +36% YoY) as we reschedule our timing projection of the revenue recognition at the Verosa Park project while keeping the pre-sales forecast for this project unchanged.