We reiterate our BUY rating for KDH with our target price broadly unchanged at VND31,100/share. Q1 2020 earnings and pre-sales performance was in line with our expectation. We cut our 2020F NPAT-MI forecast by 10% to VND1.12tn (USD48.8mn; +23% YoY) mainly due to our 2020F revision for lower sales at Verosa Park — partly offset by more scheduled handovers at Safira. We continue to expect (1) strong sales progress for the remaining units at Verosa Park and Lovera Vista and (2) no new project