- We maintain our BUY rating for KDH and increase our target price (TP) by 2% to VND42,100/share. Our higher TP is mainly due to rolling our TP forward to end-2025 from mid-2025, which is partially offset by a slower sales projection for the Le Minh Xuan Expansion IP.

- We broadly maintain our 2024F NPAT-MI forecast but trim our 2025/26F forecasts by 4%/5%, mainly due to our rescheduling of (1) sales at the Le Minh Xuan Expansion IP to start in 2026F (vs 2025F previously) and (2) sales recognition at Tan Tao to start in 2027F (vs 2026F previously).

- For Q4 2024F, we continue to expect that The Privia (three blocks with ~1,040 high-rise units; 100% presold as of February 2024)’s handovers, which began in October 2024, will significantly contribute to our Q4 and full-year earnings forecasts. We forecast 2024F NPAT-MI of VND879bn (USD35mn; +23% YoY).

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