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...
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, fulfilli...
KBC’s net revenue reached VND 2,223 billion (USD 96.7 million) in 1Q2023, up 221% YoY. After-tax profit of the parent company reached VND 940 billion (USD 40.9 million), up 96% YoY. The main driver of KBC’s revenue growth was the IP (Industrial Parks) leasing segment, which reached VND 2,077 billion (USD 90.3 million), up 555% YoY. Another driver for KBC’s earnings growth came from financial income, which reached VND 155 billion (USD 6.74 million), up 427% YoY thanks to KBC’s recognition of a ...
In the first 9 months of 2022, KBC's total revenue reached VND 1,289 billion (-58%), and NPAT-MI soared to VND 2,034 billion (+256% YoY). In addition, KBC is expected to earn VND 2,985 billion in revenue and VND 3,033 billion in NPAT-MI for the entire fiscal year 2022. By the end of 2022, we estimate that KBC's remaining leasable land bank in Quang Chau, Tan Phu Trung and Nam Son Hap Linh IPs will be ~290 ha. In the base case, we estimate that KBC can lease 126 hectares in 2023. Rega...
A director at Kinh Bac City Development Holding Corp bought 25,000,000 shares at 0.000VND and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
Nam Son Hap Linh, Tan Phu Trung and Trang Due urban project will be the main source of revenue for KBC in 2022. While, Trang Cat urban area project is likely to be delayed, along with Phuc Ninh urban area. Although the sales at Phuc Ninh urban is good, it can't be handed over due to unfinished obligation-related issues to book revenue this year. In the base scenario, total revenue and NPAT in 2022 are estimated to be at VND 2,985 billion or USD 125.4 million (-30.7% YoY) and VND 3,044...
In 2021, revenue reached VND 4,093bn (100% yoy) and NPATI-MI reached VND 783bn (+250% yoy), with positive industrial park (IP) land sale progress. Gross profit margin improved from 32% to 57% thanks to a large contribution from Quang Chau IP, which has high leasing prices and low costs. In 2022, we estimate that revenue and NPAT-MI will grow strongly, reaching VND10,694 billion (+148%) and VND 3,409bn (+335%) respectively. Residential real estate will be the main growth catalyst, bolstere...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Our view on KBC’s core business remains positive, but not so strong about leasing demand. KBC possesses an ample land bank, coupled with premium locations in the north of the country. The two industrial parks, Quang Chau and Tan Phu Trung, with the remaining 230 hectares of commercial land will ensure stable cash inflow in the short and medium term. The driving force for growth will come from the prospect of 300 hectares of land bank in Nam Son Hap Linh (Bac Ninh) probably exploited from 2020 on...
Our view on KBC’s core business remains positive, but not so strong on leasing demand (albeit stable currently). Our current target price is VND14,200 per share under our RNAV calculation. We have an Accumulate rating for now. Our fair value suggests a 17% upside potential and a forward FY 20 P/E of 8.1x, based on the closing price on 7 April 2020. FY 19: Bottom line at an all-time high due to high demand for leasing * Net sales and NPATMI was VND3,209bn (+28% yoy) and VND918bn (+23% yoy), f....
Our point of view on KBC’s core business remains strong given the company’s ample land bank and stable rental demand in the north. It seems a bit faltering as key zones, Que Vo 2 and Trang Due 2, are fully occupied by the end of FY2018 and was sooner than our expectation. The lease engine temporarily falls into Quang Chau with 129 ha available for sale, mostly. We however see mid-term pipelines of 669 ha from Nam Son Hap Linh and Trang Due 3 promising. Demand should stay high in mid-term. Manufa...
Our target price is down 4% to VND 15,600 value per share, mostly due to revaluation adjustments, giving us a FY2018 P/E of 9.6x. We reiterate our BUY rating on KBC with a 23% potential upside, as of the closing price on November 23rd, 2018.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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