External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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

Equity Bottom-Up

Kinh Bac City Development Share Holding / Equity Bottom-Up

<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

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

Rong Viet Securities

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.

<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

<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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

Vietnam

Kinh Bac City Development Share Holding Corporation operates in the construction and development 
industry. The Company constructs and trades in infrastructure of urban, commercial, and industrial 
areas. Kinh Bac also invests in real estate and manages the maintenance of infrastructure and 
construction of properties.

Kinh Bac City Development Share Holding (KBC VN)

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 Share Holding (KBC VN)

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

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

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)