Company Insight

Kinh Bac Urban Development Corporation (KDC) 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. In 2024, KBCa faced challenges in meeting its business goals due to obstacles in site clearance and legal processes. However, the outlook for 2025 appears more optimistic. Key factors expected to drive positive change include (1) Continued growth in FDI inflows, boosting demand for land leases, and (2) The completion of legal formalities for industrial park and urban area projects, enabling them to generate revenue. We update our valuation for KBC shares at VND34,600 mainly due to the adjusted time allocation of Trang Due 3 Industrial Park and Trang Cat Urban Area projects being slower than the original plan. We use the RNAV valuation method to value KBC.