KDH released H1 2019 results with net revenue of VND1.25tn (USD54mn, +35% YoY) and NPAT-MI of VND214.7bn (USD9.3mn, -9% YoY). This H1 earnings result is equivalent to 24% of our full year forecast; however, we anticipate no significant change in our projection as we expect the launch and handovers of Venita Park (300 low-rise units; District 9, HCMC) will support our 2019F NPAT-MI forecast of VND888bn (USD39mn, +10% YoY).