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KDH [MARKET PERFORM +1.0%] - Sustained growth in 2018 amid unveiling new acquisitions - Update

We reiterate a MARKET PERFORM (M-PF) rating for KDH while raising our target price 18% mainly due to a higher net-cash balance and a change of BCI projects’ approach valuation. Strong top line from deliveries across key projects partly offset lower margin and drove 9M 2017 NPAT-MI up 38% to VND374 billion (USD16 million).