KDH released Q2 2020 results with net revenue of VND785bn (USD34.1mn; +92% YoY) and NPAT-MI of VND253bn (USD11.0mn; +125% YoY). Per management, this quarter’s results were primarily driven by 57 units at the Verosa Park project, which is as we expected. For H1 2020, KDH’s NPAT-MI reached VND408bn (USD17.7mn; +90% YoY), equivalent to 36% of our full-year forecast of VND1.12tn (USD48.8mn; +23% YoY) as stated in our latest update report, KDH [BUY +45.0%] - Solid earnings growth ahead, dated May 18