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KBC - Management upbeat on 2017 prospects - AGM Note

KBC’s AGM went smoothly and all the proposals were approved by voting shareholders. KBC targets 2017 revenue and NPAT growth rates of 42.0% and 19.5% vs 2016, on the back of industrial park (IP) selling activity at Quang Chau and Nam Son Hap Linh and land selling at the Phuc Ninh urban area (UA). Shareholders agreed on the profit retention for reinvestment, implying no dividend payment will be executed in 2017, in line with KBC’s history of not paying any dividend.