Viet Dragon Securities - Analyst Pin-board KBC – Growth slowed down in Q2 but remains strong in the coming time

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Viet Dragon Securities

Son Tran

Analyst Pin-board KBC – Growth slowed down in Q2 but remains strong in the coming time

· 1H2021 total revenue posted VND 2,752 bn (+279% YoY), completing 49% of the year guidance. NPAT-MI came at VND 634 bn, 12 times higher than that of 1H2020, fulfilling 39% of the year plan. Lease plan fell behind schedule as some IPs were closed from mid May until June end, resulting to low performance of Q2 versus Q1.

· KBC will boost the land handover procedure amid IPs in Bac Giang and Bac Ninh have resumed operation since July. Quang Chau Expansion IP and industrial clusters in Long An were added in valuation while assumption of selling prices of Trang Cat UA were also changed.

· NPAT-MI of 2021 and 2022 will reach VND 1,347 bn (+501% YoY) and VND 6,607 bn (+390% YoY). The wholesale of 60 hectares in Trang Cat UA will contribute 70% of 2022 revenue and 79% of NPAT-MI.

· Target price is revised up from VND 46,200/share to VND 48,100/share. We maintain BUY recommendation with a total upside of 33% based on the closing price of August 25, 2021.

25/08/2021 6 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Son Tran

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Analyst Pin-board KBC – Growth slowed down in Q2 but remains strong in the coming time

CTG - Solid Growth Outlook as Provisioning Pressures Subside

BREAKING ABOVE 1,300 POINTS

Comparison of domestic natural gas and LNG fuel sources

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