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KBC [M-PF +1.2%] - Solid core business and non-industrial sales boost earnings - Update

We downgrade KBC from OUTPERFORM to MARKET PERFORM as its share price has risen 10.5% since our initiation report in February. We expect FY17F revenue to grow 10.3% to VND2.2 trillion (USD95 million), mainly driven by 119.1 ha of industrial park (IP) land sales and 2.5 ha of land lot sales at Phuc Ninh residential project.