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KBC [O-PF +11.9%] - Well-positioned to continue riding FDI surge into the North - Initiation

We initiate our coverage on KBC with an OUTPERFORM rating and +11.9% TSR. We expect 32.4% FY17 sales growth on an 89% surge in industrial park land area sold in FY16. Expect 70.5% FY17F EPS growth thanks to strong sales growth and gains from sale of Lotus real estate project. Excluding the real estate sales, FY17F EPS growth will still be 27.1%YoY. Trang Due 3 Industrial park is due to launch at the end of 2017 and will become a long-term growth engine with about a 43%