KBC – Diverging top- and bottomlines – Earnings Flash
- 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
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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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VND12,900
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VND17,500
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0%
|
ADD
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PROPERTY DEVT & INVT
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