KDH reported Q1 2022 net revenue of VND143bn (USD6.2mn; -83% YoY) and NPAT-MI of VND299bn (USD13.0mn; +46% YoY), which fulfilled 4% and 19% of our respective full-year forecasts. Net revenue declined 83% YoY in Q1 2022 as the company (1) completed handovers for most pre-sold units as of end-2021 and (2) plans to start sales/pre-sales at the Classia and The Privia projects in H2 2022 — in line with our expectation.