External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Kinh Bac City Development Share Holding / Equity Bottom-Up

Kinh Bac City Development Share Holding (KBC VN)

<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><p><em>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.</em></p>

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