We downgrade KBC from OUTPERFORM to MARKET PERFORM as its share price has risen 10.5% since our initiation report in February. We expect FY17F revenue to grow 10.3% to VND2.2 trillion (USD95 million), mainly driven by 119.1 ha of industrial park (IP) land sales and 2.5 ha of land lot sales at Phuc Ninh residential project.