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

Rong Viet Securities

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Kinh Bac City Development / Equity Bottom-Up

<ul><li>In 6M-FY26, in Q1/2026, KBC failed to record expected revenue from major contracts at Industrial Park, resulting in Net revenue of VND 1.34 trillion ( -57% YoY) and Gross profit of VND 649 billion ( -46% YoY) .</li><li>Revenue from land and infrastructure leasing in industrial parks reached only VND 828 billion ( -71% YoY) with ~20ha handed over ( -76% YoY, mainly at Nam Son Hap Linh and Que Vo 2 expansion IPs), as no major contracts were recorded at Trang Due 03 IP (~30ha MOU signed).</li><li>Financial expenses increased sharply to VND 567 billion (+153% YoY) due to the company's increased debt for project development; outstanding balance reached VND 32.7 trillion (debt/equity ratio of 121%) , and inventory remained high at VND 33.4 trillion.</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.

In 6M-FY26, in Q1/2026, KBC failed to record expected revenue from major contracts at Industrial Park, resulting in Net revenue of VND 1.34 trillion ( -57% YoY) and Gross profit of VND 649 billion ( -46% YoY) .Revenue from land and infrastructure leasing in industrial parks reached only VND 828 billion ( -71% YoY) with ~20ha handed over ( -76% YoY, mainly at Nam Son Hap Linh and Que Vo 2 expansion IPs), as no major contracts were recorded at Trang Due 03 IP (~30ha MOU signed).Financial expenses increased sharply to VND 567 billion (+153% YoY) due to the company's increased debt for project development; outstanding balance reached VND 32.7 trillion (debt/equity ratio of 121%) , and inventory remained high at VND 33.4 trillion.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 - Recovery Is Projected Due to Land Transfers to Major Clients

<ul><li>In Q1/2026, KBC failed to record expected revenue from major contracts at Trang Due 03 Industrial Park, resulting in Net revenue of VND 1.34 trillion (-57% YoY) and Gross profit of VND 649 billion (-46% YoY).</li><li>Revenue from land and infrastructure leasing in industrial parks was VND 732 billion (-71% YoY). The company reported leasing revenue for approximately 15 hectares (- 82% YoY), primarily from Nam Son Hap Linh IP and the expanded Que Vo 2 IP.</li><li>At the 2026 Annual General Meeting, KBC set growth targets for the year, aiming for revenue of VND 10 trillion (+50% YoY) and NPAT of VND 3 trillion (+35% YoY). </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.

In Q1/2026, KBC failed to record expected revenue from major contracts at Trang Due 03 Industrial Park, resulting in Net revenue of VND 1.34 trillion (-57% YoY) and Gross profit of VND 649 billion (-46% YoY).Revenue from land and infrastructure leasing in industrial parks was VND 732 billion (-71% YoY). The company reported leasing revenue for approximately 15 hectares (- 82% YoY), primarily from Nam Son Hap Linh IP and the expanded Que Vo 2 IP.At the 2026 Annual General Meeting, KBC set growth targets for the year, aiming for revenue of VND 10 trillion (+50% YoY) and NPAT of VND 3 trillion (+35% YoY). 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 - Focusing on Infrastructure Completion

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 maintain our BUY rating for KBC while lowering our target price by 5% to VND40,400/share.</li><li>Our lower target price is mainly due to (1) higher net debt as of end-Q1 2026 and (2) a slower launch assumption for Trang Cat UA and Phuc Ninh UA, partly offset by (3) the positive impact of rolling our valuation horizon forward to mid-2027 and (4) higher valuation for other assets.</li><li>We forecast NPAT-MI to grow 15%/37% YoY to VND2.4tn/VND3.3tn (USD92mn/USD125mn) in 2026F/27F, 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 maintain our BUY rating for KBC while lowering our target price by 5% to VND40,400/share.Our lower target price is mainly due to (1) higher net debt as of end-Q1 2026 and (2) a slower launch assumption for Trang Cat UA and Phuc Ninh UA, partly offset by (3) the positive impact of rolling our valuation horizon forward to mid-2027 and (4) higher valuation for other assets.We forecast NPAT-MI to grow 15%/37% YoY to VND2.4tn/VND3.3tn (USD92mn/USD125mn) in 2026F/27F, 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 +35.8%] - Strong IP handovers to underpin 2026/27F earnings - Update

<ul><li>Net revenue and Profit After Tax for Shareholders of the Parent Company (NPAT-MI) reached VND 1.6 trillion (+111% YoY, +22% QoQ) and VND 652 billion (+112% QoQ, +773% YoY), respectively.</li><li>Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 716 bn (+432% YoY).</li><li>During the period, the company recognized revenue corresponding to 18 hectares of leased area (+437% YoY), mainly from the Hung Yen Industrial Cluster and Nam Son Hap Linh IP.</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.

Net revenue and Profit After Tax for Shareholders of the Parent Company (NPAT-MI) reached VND 1.6 trillion (+111% YoY, +22% QoQ) and VND 652 billion (+112% QoQ, +773% YoY), respectively.Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 716 bn (+432% YoY).During the period, the company recognized revenue corresponding to 18 hectares of leased area (+437% YoY), mainly from the Hung Yen Industrial Cluster and Nam Son Hap Linh IP.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 - Investment and Operations of the Major Industrial Park

<ul><li>We maintain our BUY rating and raise our target price (TP) by 2% to VND 42,500/share.</li><li>Our higher TP is driven by (1) rolling our valuation horizon to end-2026, (2) incorporating the Q3 2025 book value of the Trump International Hung Yen project, and (3) a higher valuation for Trang Cat UA, partially offset by (4) a higher projected end-2025F net-debt balance.</li><li>We forecast 2025F NPAT-MI to surge 331% YoY to VND1.6tn (USD62mn). </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 maintain our BUY rating and raise our target price (TP) by 2% to VND 42,500/share.Our higher TP is driven by (1) rolling our valuation horizon to end-2026, (2) incorporating the Q3 2025 book value of the Trump International Hung Yen project, and (3) a higher valuation for Trang Cat UA, partially offset by (4) a higher projected end-2025F net-debt balance.We forecast 2025F NPAT-MI to surge 331% YoY to VND1.6tn (USD62mn). 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 +21.8%] - Trang Cat UA Launch, Strong IP Backlog to Boost 2026 Earnings - Update

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kinh Bac City Development (KBC VN)

KBC - Recovery Is Projected Due to Land Transfers to Major Clients

In 6M-FY26, in Q1/2026, KBC failed to record expected revenue from major contracts at Industrial Park, resulting in Net revenue of VND 1.34...

Rong Viet Securities

KBC - Focusing on Infrastructure Completion

In Q1/2026, KBC failed to record expected revenue from major contracts at Trang Due 03 Industrial Park, resulting in Net revenue of VND 1.34...

Rong Viet Securities

KBC [BUY +35.8%] - Strong IP handovers to underpin 2026/27F earnings - Update

We maintain our BUY rating for KBC while lowering our target price by 5% to VND40,400/share.Our lower target price is mainly due to (1) higher net...

Vietcap

KBC - Investment and Operations of the Major Industrial Park

Net revenue and Profit After Tax for Shareholders of the Parent Company (NPAT-MI) reached VND 1.6 trillion (+111% YoY, +22% QoQ) and VND 652...

Rong Viet Securities

KBC [BUY +21.8%] - Trang Cat UA Launch, Strong IP Backlog to Boost 2026 Earnings - Update

We maintain our BUY rating and raise our target price (TP) by 2% to VND 42,500/share.Our higher TP is driven by (1) rolling our valuation horizon...

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)