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KBC – Diverging top- and bottomlines – Earnings Flash

Company Note 06/05/2020    120

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  • 1Q20 revenue grew 11.2% yoy to VND556bn, driven by an 18% yoy increase in industrial properties (IP) revenue, mostly from subsidiary Tan Phu Trung.
  • Net profit fell 40% yoy to only VND54bn to come in at 5.2% of our full-year forecast.
  • Reiterate our Add rating, with an RNAV-based target price of VND17,500.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND12,900

VND17,500

0%

ADD

PROPERTY DEVT & INVT

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