We attended KBC’s AGM on April 12, 2019, in Bac Ninh Province. Shareholders approved 2019 guidance for revenue and NPAT of VND3.9tn (USD170mn, +56% YoY) and VND1tn (USD45mn, +28% YoY), respectively. The company’s 2019G NPAT is 29% above our forecast of VND801bn (USD35mn), which we believe is because management has assumed higher industrial park (IP) and urban area (UA) land sales. We currently assume 2019 IP land sales of 81 ha (2018: 110 ha) and UA land sales of four ha (2018: 0.6 ha).