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KDH - Positive 1Q15 preliminary result, diversifying product offerings - AGM Note

1Q15 preliminary NPAT result touched VND51bn (+396% yoy), in line with our quarterly forecast of VND48bn. On 18th April, KDH will launch sales of Mega Village (323 units), the main FY15 contributor to FY15 results. We expect 50% of FY15 gross profit to be generated from this project. From 2015 onward, KDH plans to diversify its product offerings from affordable townhouses to high-end villas and affordable high-rise apartments (below VND2bn/unit).