Kinh Bac Development (KBC - HSX)

Kinh Bac Development (KBC - HSX)

We retain our Buy rating but lift our TP 39% to VND46,000 on higher earnings forecasts and the addition of new projects. KBC’s land bank is unlocking new opportunities amidst easing tariff risks concern. We raise our FY25-27 earnings forecasts by 26-31% on higher land deliveries and new contributions. Our new net profit forecasts – well above the street – suggest a 3Y CAGR of 107% from a low FY24 base. Up by 32% over the last 1M, KBC now trades at a 43% discount to our calculated RNAV (upped 41%), in line with its 3Y avg. of 42%, and on a 1-yr rolling forward P/E of 10.6x, 0.7 SDs below its average of 18.7x.