KBC – Additional cost dented 3Q19 earnings – Earnings Flash
- 3Q19 net profit (NP) plunged 50% yoy as gross margin (GM) dropped 23% yoy because of additional cost at Tan Phu Trung industrial park (IP).
- 9M19 NP edged up 2% yoy to VND500bn, which was below our estimate at only 59% our full-year forecast.
- Maintain Add. Our RNAV-based TP is VND17,500.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND14,300
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VND17,500
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6.73%
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ADD
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PROPERTY DEVT & INVT
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