We reiterate our BUY rating for KDH while raising our target price (TP) by 6% to VND31,500/share mainly due to rolling our TP horizon to end-2021 and a lower WACC as a result of a lower cost of equity assumption. Meanwhile, we keep our forecasts for the company’s earnings and pre-sales broadly unchanged as 9M 2020 performance was in line with our expectation.