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KDH - BUY - Reiterate BUY on signs of stronger-than-expected demand for townhouses - Update

Finishing 2014, KDH has returned to profitability after 2 years of losses. 4Q14 results reveal stronger-than-expected demand for Mega Ruby project – 165 townhouses were sold vs. our estimate of 50. These sales figures prompt us to speed up our delivery schedule assumptions for 2015 at the company’s other similarly designed projects which is very supportive for our FY2015 earnings assumptions.