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KDH - BUY - Value marred by glum property market - Update

KDH’s 1H earnings came out quite disappointing YoY as well as versus 2012 guidance. Revenue shrank 73% YoY, meeting only 13% of our estimate while NPAT declined 97% YoY, equivalent to only 0.5% of our estimate. However, we note that our 2012 estimates were based upon full inclusion of Villa Park, which accounted for 22% of our 2012 revenue and 20% of our 2012 gross margin estimates.