Company Insight

Update coverage with BUY call and target price of VND 42,400

Kinh Bac Urban Development Corporation (KBC) is one of the leading enterprises in the field of developing industrial parks and real estate projects. Kinh Bac owns projects in all three regions of Vietnam, in big cities such as Bac Giang, Hai Phong, Da Nang, Ho Chi Minh, and Long An. 2024 is considered a booming year for KBC when important industrial parks (IPs) and urban area projects will begin to be exploited, creating an opportunity for KBC to catch the continuous flow of FDI capital into Vietnam. We offer an updated valuation of KBC stock at VND 42,400 for a return of 32%. We use the RNAV valuation method to value KBC.