KBC‘s unaudited 2018 results were above our forecast, with revenue surging 99% YoY to VND2.5tn (USD109mn; 107% of our forecast) and reported NPAT-MI up 28% YoY to VND747bn (USD32mn; 117% of our forecast). Top-line growth was mainly driven by accelerated industrial park (IP) land sales which increased 2.8x YoY to VND2tn (USD87mn). In 2018, KBC recognized