KDH - Earnings to be driven by project transfers, Jamila deliveries - AGM Note
We attended KDH’s 2018 AGM on April 26, 2018. Management released 2018 guidance for revenue growth of +14% YoY to VND3.5tn (USD154mn) and NPAT-MI growth of +59% YoY to VND800bn (USD35mn) for 2018. These are broadly in line with our current forecasts. Strong revenue and earnings growth will be presumably fueled by several project transfers and scheduled deliveries of 400 units at KDH’s Jamila project, which is already 100% pre-sold.