- We maintain our BUY rating for KDH and increase our target price by 2% to VND45,500/share. Our higher target price is mainly due to increased book values of the Binh Trung Dong and Phong Phu 2 projects, which we value by using the P/B method. 

- We increase our 2024/25F NPAT-MI forecasts by 8%/4%, respectively, mostly due to contributions from H1 2024 sales of undisclosed land plot sales and a higher number of units from The Privia to be handed over in 2025F. Our 2026F forecast is unchanged.

- We forecast 2024F NPAT-MI to increase 26% YoY to VND898bn (USD35mn), with H2 2024F being driven by our projected handovers of presold units at The Privia.

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