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KDH [M-PF -3.0%] - Growth steady in 2017 while new issuance in the works - Update

We reiterate a MARKET PERFORM (M-PF) rating for KDH with -3.0% total return including a 3.5% dividend yield. Gains from selling stakes in its associates partly offset lower margin handovers and drove 16% growth of H1 2017 NPAT-MI to reach VND233 billion (USD10.2 million). We expect more deliveries in H2 2017 to fuel 33% 2017F NPAT-MI growth to VND495 billion (USD22 million).