KDH released 9M 2020 results with net revenue of VND3.2tn (USD140.9mn; +74% YoY) and NPAT-MI of VND770bn (USD33.5mn; +51% YoY). Per management, these results were primarily driven by 96 units at the Verosa Park project in H1 2020 and 821 units at the Safira project in Q3 2020, which is as we expected. Hence, we foresee no significant change to our 2020F NPAT-MI forecast of VND1.12tn (USD48.7mn; +23% YoY) as we continue to expect the ongoing handovers at Safira (total project includes ~1,600 high