| Title | X-Stock | KBC 34,000 +25%: Expected Recognition of Que Vo 2 Expanded IP |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | KBC |
| Detail |
Date : 24/09/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 419 Kb Download: 0 Download |
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| Short Content |
INVESTMENT THESIS BSC maintains a BUY recommendation for KBC with a target price of VND 34,000/share (+25% upside vs. closing price on September 4, 2026; -20% vs. the previous target price) based on the following key rationale:
BUSINESS RESULTS UPDATE 2Q2026 Results: Net Revenue and NPAT-MI recorded at VND 589 bn (+15% YoY) and VND 15 bn (-96% YoY), respectively.
BSC's Assessment: 2Q2026 performance was weak as it was not the inflection point for IP land handovers. For 2H2026, we maintain our expectation of a significant rebound in KBC's IP deliveries, driven by Que Vo 2 Expanded, Nam Son Hap Linh, and Trang Due projects (investors may refer to the subsequent section for details). |