Company Insight

Update coverage with BUY call and target price of VND 38,500

Kinh Bac City Development Corporation (KBC) is one of the leading companies in industrial park and real estate development. Kinh Bac owns projects across all three regions of Vietnam, including major cities and provinces such as Bac Giang, Hai Phong, Da Nang, Ho Chi Minh City, and Long An. Despite US tariff pressures and escalating geopolitical tensions in the Middle East, FDI inflows into Vietnam continued to show strong growth. Although 1H2026 business performance declined, KBC successfully signed MOUs covering more than 170 ha, laying a solid foundation for the second half of the year. The continuous signing of MOUs and increased investment in ESG solutions are expected to strengthen KBC’s competitive advantages. Based on the RNAV valuation method, we value KBC at VND 38,500.