Equity Analysis /

VN : Kinh Bac City Corp - Most of the positives have been priced in

    Toan Chuduc
    Toan Chuduc

    Research Analyst

    15 January 2021
    Published byCGS-CIMB

    We believe KBC would take advantage of the “China plus one” strategy and acceleration of FDI into Vietnam in 2021F, leveraging its sizable land bank. Its property development projects in the Trang Cat and Phuc Ninh urban areas should also provide strong support for its long-term earnings growth. Reiterate our Hold call with a higher TP of VND29,600.