We reiterate our OUTPERFORM rating for KDH while our target price is broadly unchanged at VND35,400 per share. We maintain our 2019F NPAT-MI forecast of VND888bn (USD39mn, +10% YoY) as our upward revision for the selling price assumption of Venita Park offsets the lower revenue forecast as we update our SaFira delivery projection to start from 2020 vs late-2019 previously. Meanwhile, expected handovers of SaFira support 2020F NPAT-MI to grow 25% YoY to VND1.1tn (USD48mn).