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KBC [OUTPERFORM +18.7%] - Brighter prospects thanks to stronger IP land sales - Update

We reiterate our OUTPERFORM rating for KBC and leave our target price broadly flat at VND15,100, implying a total stock return of 18.7% inclusive of a 7.4% dividend yield. While we have revised our 2018F assumption for Que Vo IP land sales upward given strong Q1 2018 sales momentum, the increase in our DCF valuation is partly offset by a lower peer P/E.