Analyst Pin-board: KBC - Significant Increase in Rental Price Boosted Earning Growth in 1H 2019
KBC released its 1H 2019’s results with revenue of VND 1,570 billion (+57% YoY) and NPAT of VND 511 billion (+76% YoY); respectively completed 40% and 49% of the year target. Keynotes are as followed:
- Leasing area rose albeit from 2018’s high-base, suggesting current ample rental demand. KBC recorded 62 ha leased in 6M 2019, up 19% YoY, completing 56% of its leasing plan. As expected, Quang Chau and Tan Phu Trung contributed 82% of land leased with 52 ha. Electronics and accessory firms are still popular tenants. Quang Chau had 15 ha leased by Foxconn in 1H. Also, Tan Phu Trung completed its full year target of 20 ha in 1H. We understand that Tan Phu Trung has some restructuring for this year, including pushing sales and improving management, which could encourage better leases.
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