| Title | X-Stock | KBC 34,000 +26%: Handovers are expected to peak in 4Q2026. |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | KBC |
| Detail |
Date : 22/10/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 563 Kb Download: 0 Download |
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| Short Content |
INVESTMENT THESIS BSC maintains its BUY recommendation on KBC with a target price of VND 34,000/share (+26% vs. the closing price on 21/10/2026) based on the following views: (1) KBC is trading at a P/B of 0.9x, well below its 5-year average of 1.3x; (2) meanwhile, KBC's business results and industrial park (IP) handovers are recovering, benefiting directly from the China+1 trend, with expected handovers of 168 ha and 209 ha in 2026 and 2027, respectively. BUSINESS RESULTS UPDATE Q3.2026 results: Net revenue and NPAT-MI reached VND 3,187 bn (+136.57% yoy) and VND 911 bn (3x yoy), respectively, of which:
BSC's assessment: Compared with our previous update (investors can view it here), KBC's results and IP handovers are in line with our expectations. In Q4.2026, we expect KBC to hand over the remaining area to Luxshare ICT and under signed MOUs. |