KDH released Q1 2019 results with net revenue of VND841bn (USD36.6mn, +105% YoY) and
NPAT-MI of VND102bn (USD4.4mn, -3% YoY). We believe this quarter’s result was mostly driven by on-going deliveries at the Jamila project. The overall result was broadly in line with our expectation and we anticipate no material change in our 2019 earnings forecast.