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KDH - HOLD - The time hasn’t come to realize value - Update

We revised down our RNAV from VND20,500 (after 2010 share dividend at 10%) to VND15,000 due to an increase in leverage and the lack of clarity on the use of the additional capital to advance project status. Even though the upside to RNAV stands at 70%, we downgrade our rating to HOLD as we wait for the VAMC to come online and start cleaning up the bad debt problem and unthaw the property sector.