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KDH - OUTPERFORM - Attainable FY15 target, selling prices to be adjusted upward to ride strong demand - Update

FY15 NPAT target nearly 2x FY14 results, but 6.5% lower than our forecast. KDH plans to launch sales of up to 750 affordable townhouses consisting of Tri Minh and Song Lap project (the commercial names are Mega Village and Mega Garden, respectively). The selling price will be adjusted upwards by 10%. We believe this is a tactical move to capitalize on higher demand in this segment.