KBC – A giant has awoken – Initiation

• KBC has established itself as an iconic brand name and owns the second-largest land bank among listed industrial park operators in Northern Vietnam.
• We expect KBC to deliver stellar EPS growth of 18.7% in FY19-20F, driven by a rise in earnings from the industrial property and residential businesses.
• We initiate coverage with an Add rating and TP of VND17,500, with 11.5% potential share price upside plus 3.2% FY19F remaining dividend yield.

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