Company Insight

Update coverage with BUY call and target price of VND 39,500

Kinh Bac City Development Holding Corporation (KBC) is one of the leading developers in industrial parks and real estate. The company owns projects across all three regions, spanning key cities such as Bac Giang, Hai Phong, Da Nang, Ho Chi Minh City, and Long An. KBC recorded strong earnings growth in 2025, with both revenue and net profit improving significantly year-on-year. However, amid tariff uncertainties and rising geopolitical risks, the company has yet to fully achieve its annual targets. Moving into 2026, we expect KBC to sustain its growth momentum, supported by contributions from key projects, particularly the Trang Cat urban area, which is expected to be recognized during the year, along with newly developed industrial parks ready for operation. Based on our RNAV valuation methodology, we assign a target price of VND 39,500 for KBC.