Company Insight

Update coverage with BUY call and target price of VND 38,000

Kinh Bac Urban Development Corporation (KBC) is one of the leading enterprises in the field of developing industrial parks (Ips) and urban 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. With investment approval secured for two key projects—Trang Due 3 Industrial Park and Trang Cat Urban Area—KBC’s business outlook is expected to improve in 2025, driven by: (1) Sustained growth in FDI inflows, bolstering land lease demand, and (2) Regulatory advancements facilitating revenue expansion in industrial park and urban real estate. We update our valuation for KBC shares to VND 38,000, applying the RNAV methodology.