| Title | X-Alpha | KBC 42,400 +21%: A Prime Landing Ground for Eagles |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | KBC |
| Detail |
Date : 08/05/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 755 Kb Download: 0 Download |
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| Short Content |
BSC’s RECOMMENDATION
BSC maintains its BUY recommendation on KBC with a target price of 42,400 VND/share, implying 21% upside from the closing price on 8 May 2026 and 8% lower than our previous report. Our recommendation is based on the following views:
2026 BUSINESS OUTLOOK
EARNINGS FORECAST: In 2026, BSC forecasts KBC to record revenue of 10,456 billion VND (+53% YoY) and NPAT-MI of 2,834 billion VND (+35% YoY). Excluding one-off income from asset revaluation in 2025, core operating profit is expected to increase 60% YoY, equivalent to 2026 forward EPS of 3,009 VND/share and 2026 forward P/E of 9.8x.
CATALYST: Information on the buyer of Trang Cat Urban Area.
RISKS: (1) Lower-than-expected industrial park handover volume; and (2) significant debt repayment pressure in the coming period. |