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KDH [O-PF +11.4%] - Maintaining its dominance in VN’s largest townhouse/villa market - Update

We maintain an O-PF rating for KDH. The stock seems fairly valued at a 1.3x P/B. However, Q1 revenue growth of 218% was actually in line with KDH’s expected handover pipeline and does not change our view on rapid sales progress of existing projects.