KDH released 2018 results with net revenue of VND2.9tn (USD126.8mn, -5% YoY) and NPAT-MI of VND809bn (USD35.2mn, +61% YoY). Q4 2018 earnings tripled YoY to reach VND405bn (USD17.6mn), driven by scheduled deliveries at the Jamila project (100% pre-sold) and land bank transfers. The overall result was broadly in line with our expectation as 2018 NPAT-MI fulfilled 99% of our forecast. We anticipate no material change in our 2019 forecast and target price.