- KBC held its annual general meeting (AGM) on June 28, 2025, with the primary goal of seeking approval for its 2025G profit guidance (remains unchanged from the plan approved by shareholders at the March 2025 EGM).
- Shareholders approved maintaining the 2025G guidance for total income (including revenue, financial income, and other income) of VND10tn (USD385mn; +3x YoY) and NPAT of VND3.2tn (USD123mn; +7.6x YoY), representing 140% and 218% of our respective full-year forecasts. KBC completed 68%/35%/56%/11% of its respective 2021/22/23/24 NPAT guidance. Management acknowledged that ongoing tariff and trade negotiations could impact KBC’s earnings but indicated they will closely monitor the situation and consider adjustments if needed.
- Shareholders approved a plan not to distribute dividends for FY2024 to safeguard KBC’s financial capacity for upcoming projects in 2025 and to support the continued development of major projects such as the Trang Cat UA and Trang Due 3 IP.
- Overall, we anticipate no significant changes to our forecasts for KBC, pending a fuller review.
Management anticipates resilient long-term demand at KBC’s IPs. Although some investors temporarily delayed contract signings following the April 2 US tariff announcement, KBC observed sustained land demand interest from tenants, even those in the high-tech electronics sector, and expects to secure a major contract over the next few weeks. The company has secured investment approvals for several new IPs slated in H1 2025, including Que Vo Expansion 2 (Bac Ninh), Kim Thanh 2 (Hai Duong), and Song Hau 2 (Hau Giang). With a geographically diversified and increasingly approved land bank, KBC believes it is well-positioned to meet investor demand across key industrial hubs nationwide.
Management highlighted the successful execution of its private placement, which raised VND4.16 trillion (USD160mn) through the issuance of 174.15 million shares—equivalent to ~70% of the planned offering and 22.7% of pre-issuance O/S (see result details in our Daily Note). Management noted that, despite tariff-related market challenges, the investor response exceeded internal expectations, indicating continued confidence in KBC’s capital-raising capability. We have not yet incorporated this private placement into our current forecasts or valuation for KBC. Nevertheless, we believe the private placement will support KBC’s medium- and long-term project development, given its substantial remaining saleable IP and UA land banks. Factoring in the private placement results and assuming all other factors remain unchanged, our target price for KBC post-placement would be VND33,400/share.
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