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KDH - Management upbeat on 2017 targets, business strategy - AGM Note

We attended KDH’s AGM on Tuesday, April 11, 2017. Management shared its strategy to diversify into condos and its intention to enter lower-end segments. Deliveries at key projects coupled with a VND65 billion (USD3 million) contribution from BCI bolster 2017 NPAT-MI growth guidance of 35%. At the AGM, shareholders approved a 2016 dividend of VND1,000/share (4% yield) and a 10% 2017 dividend, which may be cash or stock.