- KDH released Q3 2023 results with revenue of VND616bn (USD26mn; -23% YoY and +6% QoQ) and NPAT-MI of VND208bn (USD8.6mn; -41% YoY and -16% QoQ). The YoY declines in Q3 2023 are primarily due to a lower number of delivered units YoY at the Classia project (~180 units in total; ~90% presold at end Q2 2023). We foresee an upside potential to our 2023F NPAT-MI forecast as Q3 2023 tax expenses are lower than our previous expectations, pending a more comprehensive review.

- In 9M 2023, KDH’s revenue decreased 3% YoY to VND1.6tn (USD68mn), mainly from (1) deliveries at Classia and (2) sales of undisclosed land plots that were no longer suitable for the company’s development plan. 

- 9M 2023 EBIT increased by 19% YoY as EBIT margin improved from 51.3% in 9M 2022 to 63.0% in 9M 2023. Nevertheless, PBT was down 22% YoY due to a YoY decrease in 9M 2023 other income which was mainly because of not having a non-cash abnormal gain vs 9M 2022’s gain from land plot consolidation at VND269bn (USD11mn; accounting for 22% of PBT in the period).

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