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KBC [OUTPERFORM +10.8%] - Residential sales still expected to drive 2018 recovery - Update

We downgrade KBC to an OUTPERFORM rating and trim our target price by 9.1% to VND15,000, implying a total stock return of 10.8%. Our target price revision reflects our expectation that KBC’s industrial park (IP) and urban area (UA) land sales will continue to be delayed. From a low 2017 base, we forecast 2018 revenue and NPAT-MI to increase to VND2.4tn (USD104mn, +86.9% YoY) and VND741bn (USD32.6mn, +26.7% YoY), respectively.