Company Insight

Update coverage with BUY call and target price of VND 41,300

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 growth in 9M/2025 despite a slight slowdown in Q2–Q3/2025 due to tariff policy impacts. With the establishment of a new U.S.–Vietnam trade cooperation framework, FDI inflows are expected to continue rising. Accordingly, KBC is anticipated to recover in Q4/2025 and accelerate in 2026. With over 1,300 ha of expansion and two major projects—Trang Due 3 Industrial Park and Trang Cat Urban Area—approved for investment in 2025, KBC holds strong long-term growth potential. Based on the RNAV valuation method, we estimate KBC’s fair value at VND 41,300.