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KDH - Higher margin deliveries, financial gains drive 9M growth - Earnings Flash

KDH released 9M 2018 results with net revenue of VND1.3tn (USD58.1mn, -45% YoY) and NPAT-MI of VND404bn (USD17.6mn, +8% YoY). The YoY decline in revenue was mostly due to the timing of handovers related to revenue recognition, while larger financial gains and margin expansion drove earnings growth. The overall results were broadly in-line with our expectation, and we forecast KDH’s Q4 earnings, driven by land bank transfers and scheduled deliveries at the Jamila project (100% pre-sold),