External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>No interruption in investment inflows to economic and industrial zones despite COVID-19</li><li>Rents set to rise again, while some areas experience surge pricing</li><li>The ready-built warehouse sector is expanding quickly</li></ul>

No interruption in investment inflows to economic and industrial zones despite COVID-19Rents set to rise again, while some areas experience surge pricingThe ready-built warehouse sector is expanding quickly

Industrial Real Estate: Welcoming 2022 with New Wave of Supply

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Equity Bottom-Up

Kinh Bac City Development / Equity Bottom-Up

<ul><li>Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254% YoY) and VND 1,200 billion (+685% YoY), respectively.</li><li>Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 2,830 billion (+432% YoY).</li><li>The results reflect a clear recovery, with the company recognizing revenue from leasing 86 hectares (+462% YoY), mainly from the Hung Yen Industrial Cluster. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254% YoY) and VND 1,200 billion (+685% YoY), respectively.Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 2,830 billion (+432% YoY).The results reflect a clear recovery, with the company recognizing revenue from leasing 86 hectares (+462% YoY), mainly from the Hung Yen Industrial Cluster. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KBC - Laying the Foundation for Long-Term Growth Prospects

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. </li><li>Our higher target price reflects (1) a higherIP segment valuation due to including the Que Vo 2 Expansion, Phu Binh, and Song Hau 2 projects, (2) an upward revision to Trang Cat UA following greater capital disbursement and a successful end-Q2 2025 private placement, and (3) a lower net debt balance as of end-Q2 2025, partially offset by (4) dilution from the private placement.</li><li>We revise up our 2025/26/27F NPAT-MI forecasts by 22%/31%/29%, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. Our higher target price reflects (1) a higherIP segment valuation due to including the Que Vo 2 Expansion, Phu Binh, and Song Hau 2 projects, (2) an upward revision to Trang Cat UA following greater capital disbursement and a successful end-Q2 2025 private placement, and (3) a lower net debt balance as of end-Q2 2025, partially offset by (4) dilution from the private placement.We revise up our 2025/26/27F NPAT-MI forecasts by 22%/31%/29%, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KBC [BUY +24.1%] - New Project Launches to Drive Robust Earnings Outlook - Update

<ul><li>Business performance recorded net revenue and net profit attributable to parent company shareholders (NPAT-MI) of VND 3.1 trillion (+1,946% YoY, +300% QoQ) and VND 783 billion (+26% YoY), respectively, surpassing expectations.</li><li>The primary revenue driver was industrial park (IP) land leasing, contributing VND 2,484 billion (compared to no land leasing revenue in the same period last year).</li><li>This corresponds to the successful leasing of 95 hectares at the Hung Yen Industrial Cluster (encompassing three sub-zones within the Kim Dong - Dang Le - Chinh Nghia Industrial Complex).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Business performance recorded net revenue and net profit attributable to parent company shareholders (NPAT-MI) of VND 3.1 trillion (+1,946% YoY, +300% QoQ) and VND 783 billion (+26% YoY), respectively, surpassing expectations.The primary revenue driver was industrial park (IP) land leasing, contributing VND 2,484 billion (compared to no land leasing revenue in the same period last year).This corresponds to the successful leasing of 95 hectares at the Hung Yen Industrial Cluster (encompassing three sub-zones within the Kim Dong - Dang Le - Chinh Nghia Industrial Complex).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KBC - Revenue to Recover, with Land Leasing to Major Clients

PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES &amp; DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES &amp; DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kinh Bac City Development Share Holding (KBC VN/ Buy)

Vietnam

Kinh Bac City Development Holding Corporation is a leading Vietnamese real estate company focused on the investment, construction, development, and management of industrial parks and urban areas. The company's core business involves developing industrial land, ready-built factories, offices, and residential estates, alongside providing related services like water and electricity supply. Kinh Bac City Development Holding Corporation was founded on March 27, 2002, and is headquartered in Que Vo, Bac Ninh Province, Vietnam.

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Kinh Bac City Development (KBC VN)

Industrial Real Estate: Welcoming 2022 with New Wave of Supply

No interruption in investment inflows to economic and industrial zones despite COVID-19. Rents set to rise again, while some areas experience surge...

Mirae Asset Securities

KBC - Laying the Foundation for Long-Term Growth Prospects

Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254%...

Rong Viet Securities

KBC [BUY +24.1%] - New Project Launches to Drive Robust Earnings Outlook - Update

We raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. Our higher target price reflects (1) a higherIP segment...

Vietcap

KBC - Revenue to Recover, with Land Leasing to Major Clients

Business performance recorded net revenue and net profit attributable to parent company shareholders (NPAT-MI) of VND 3.1 trillion (+1,946% YoY,...

Rong Viet Securities

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