KBC – Q3/2023’s business results: An unexpected bass note
- KBC released its Q32023’s financial results with revenue of VND 247 billion (+22%), parent company shareholders' NPAT reached nearly VND 14 billion, plunging by 99% over the same period, due to the delay of handover for tentants and the base earning result in Q22023 caused by booking and re-evaluating of investment in Saigon - Da Nang company. If excluding the profit from revaluation, Q3/2022 NPAT will change from profit to loss.
- Phuc Ninh and Trang Cat are two projects with legal bottlenecks and large land funds for business which have potential to produce the breakthrough business results in the near future. The remaining IP land fund that are now underway will be approximately 142 ha by the end of 2023. In which, Tan Phu Trung Industrial Park has 58 ha, and Nam Son Hap Linh Industrial Park owns 84 ha; this is sufficient to secure the business performance within the following two years while waiting Tan Tap, Loc Giang, and Trang Due 3 to be ready.
- In a positive case, KBC will hand over all signed contracts (50 ha) in Q4, equivalent to completing the handover of 182 ha in 2023, and will record total revenue of VND7,536 billion (+693%YoY), completing 83% of the annual plan. Additionally, NPAT is expected to reach VND3,059 billion (100%YoY), completing 76% of the guideline. The corresponding 2023 EPS is 3,985 VND.
- Based on the sum of components valuation method (SOTP), we maintain the target price of 40,000 VND/share from the last update. The expected return over the next 12 months is +50.0% (based on the closing price on 11/01/2023).
Kinh Bac City Development Share Holding Corporation is a Vietnam-based company engaged in the real estate industry. The Company develops and operates industrial zones, residential areas, urban areas, as well as commercial and residential buildings. It is also involved in the provision of water and electricity supply services for industrial zones, along with engineering, architectural, interior decorating and maintenance services of real properties. Other activities include infrastructure construction and the offering of tourism services, hotel and restaurant services. The Company has six subsidiaries.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.