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KBC [BUY +23.4%] - 2018 recovery to be driven by strong residential sales - Update

We upgrade our rating on KBC to BUY with a total return of 23.4% as the share price has slid 13% since our last update report in September, which we believe creates a buying opportunity. We have slightly revised our target price upward to VND16,500 from VND16,100 due to our expectation that delayed industrial park sales should be more than offset by stronger-than-previously-assumed sales at KBC’s high margin Phuc Ninh urban area.