■ KDH targets FY17F net profit growth of 35% but our forecast is 60%, based on the strong performance of landed property market in District 9.
■ The acquisition of a 57% stake in BCI in 2015 tripled the size of KDH's effective landbank to ~400ha, which should sustain KDH's growth over the next 20 years.
■ The increase in land price in District 9 prompts us to raise our RNAV-based target price (10% discount) by 20%; KDH is trading at an 18% discount to RNAV.
