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KDH - Lower margin deliveries pulled down H1 2017 earnings growth - Earnings Flash

H1 2017 net revenue grew 43% vs H1 2016 as low-rise deliveries continued across projects. Gain from selling stakes in its associates partly offset the lower margin handovers, which resulted in 16% growth of H1 2017 NPAT-MI to reach VND233 billion (USD10.2 million). This result was in line with our forecast and we foresee no material change in our rating in our next update report.