//= get_template_directory_uri() ?>
On 19/06 morning, Kinh Bac City Development Holding Corporation (HoSE: KBC) held its 2024 Annual General Meeting of Shareholders (AGM). The main topics included updates on the legal progress of the Trang Due 3 Industrial Park, Trang Cat Urban Area, Phuc Ninh Urban Area projects, and the strategy for developing industrial park and residential land funds in the mid to long term. Notably, KBC proposed to increase its equity capital through a private placement, issuing 250 million shares. The proceeds will be used to i) increase working capital, ii) repay part of the current debt, and iii) invest in subsidiaries to expand KBC’s operations. We maintain a conservative view on KBC’s short-term prospects due to the continuous delays in ongoing projects and the generally sluggish market conditions. However, revenue and profit for 2024 remain secured thanks to the large ready-to-lease land bank and the company’s active engagement with major corporate leaders to attract tenants: · The handover of the remaining parts of Nam Son Hap Linh, Quang Chau Expansion, and Tan Phu Trung Industrial Parks will be concentrated in the second half of 2024, with an expected handover of 87 hectares of land across these three industrial parks. Additionally, we now anticipate the handover of the Trang Due 3 Industrial Park project to occur in the first half of 2025. · For the residential real estate segment, the Phuc Ninh and Trang Cat projects are expected to be resolved following the enactment of the 2024 Land Laws. Recommendation: We recommend “BUY” for KBC shares with a target price of VND 35,250 per share (a potential increase of 20.32% compared to the current market price). |
16/07/2024
1H OVERVIEW The nationwide real estate market in the first half of 2024 has been closely aligning with the recovery trajectory. Despite the number of new...
04/07/2024
In the short run, we are NEUTRAL towards both VN consumer discretionary and consumer staples stocks. Investors can still find opportunities to invest in...
28/06/2024
INVESTMENT THESIS 1/ The company’s position in the industry is strong with a significant backlog. We estimate that the backlog for 2024-2025 will...