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KDH - BUY - Overlooked developer, upside to RNAV - Initiation

KDH is mid-size real estate developer with a current cap of around USD35 million listed on the HSX. Despite relatively small market cap, KDH is an unlikely constituent of the VN30 Index thanks to good trading history in 2H2011 when the VN30 was calculated, surpassing other stocks with larger market cap but did not meet the index criteria for liquidity. The Company specializes in small scale, mid-upper residential segment projects in the north eastern part of HCMC (District 2 and 9).