KBC – The situation remains favorable
- In 1H2023, KBC reported revenue of VND 4,551 billion (USD63 million), which was 4.2 times higher than the same period last year and 6% higher than the pre-audit figure. KBC's NPAT for the first half stood at VND 1,921 billion (USD 80.04 million), representing a 16% increase compared to the pre-audit amount and achieving 57% of our full-year forecast.
- KBC's potential handover of 193 hectares in 2023 is expected to contribute VND 8,241 billion (USD 343.38 million) to its total revenue, fulfilling 92% of its guidance. Additionally, NPAT is projected to reach VND 3,344 billion (USD 139.33 million), completing 84% of its guidance for the year.
- Based on the sum of the parts methodology (SOTP), we lifted the target price to VND 40,000/share as we reflect the positive progress outlook of Phuc Ninh Urban project, and the current average market price of the surrounding area in Phuc Ninh project (up more than 2 times as they first sold the phase 2) in revaluating the remaining area of the project . The total expected return in the next twelve months will be +16.3% (based on the closing price as of September 6th, 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.
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