Company Insight

Update coverage with HOLD call and target price of VND 43,300

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. KBC recorded positive business results in 1H2025 with a significant increase in industrial park (IP) land leasing area compared to last year. Based on the latest updates on global tariff conditions, we assess that Vietnam continues to maintain its position in attracting FDI inflows, thereby supporting demand for IP land leasing. Using the RNAV valuation method, we derive a target price for KBC at VND 43,300.