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KBC – A giant has awoken – Initiation

Company Note 17/09/2019    242

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND15,700

VND17,500

6.73%

ADD

PROPERTY DEVT & INVT

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