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KDH [BUY +27.8%] - 2018F growth locked-in; Safira & Hermosa launches on track - Update

We trim our target price by 3% to VND38,300/share due to a higher risk premium and risk-free rate. As the stock has slid 10% since our last update, we revise our rating to BUY from OUTPERFORM. We marginally raise our 2018F NPAT-MI by 7% to VND862bn (USD37mn, +70% YoY) on higher-than-expected one-off financial gain from divestment in H1 2018.