- 2025-02-03T00:00:00
- Company Research
- KBC released its Q4 2024 results with revenue of VND781bn (USD31mn; -18% QoQ and -5% YoY) and NPAT-MI of VND75bn (USD2.9mn; -62% QoQ and -29% YoY). NPAT-MI declined YoY in Q4 2024 mainly due to lower IP land handovers of ~3.4 ha from the Tan Phu Trung (TPT) and Nam Son Hap Linh (NSHL) IPs.
- 2024 revenue and NPAT-MI were VND2.8tn (USD109mn; -51% YoY) and VND426bn (USD17mn; -79% YoY), completing 106% and 85% of our respective full-year forecasts. 2024 NPAT-MI trailed our expectations mainly due to lower IP land handovers of ~33 ha (-78% YoY), compared to our forecast of 43 ha.
- For the IP segment, 2024 revenue was VND1.2tn (USD47mn; -77% YoY), driven by the handovers of ~33 ha in 2024 at the NSHL (19.4 ha), Quang Chau (12 ha), and TPT IPs (1.4 ha).
- IP land sales in 2024 totaled ~17 ha from the NSHL IP. IP land sales showed signs of recovery in 2025 as KBC recently signed an MOU for ~30 ha in the newly launched Hung Yen industrial clusters. Additionally, the company is in discussion to sign MOUs/contracts for ~70 ha at the NSHL IP. We currently forecast KBC to record IP land sales/handovers of 115 ha in 2025F.
- For the residential segment, handovers at the Nenh Town social housing project (Bac Giang, 12.6 ha with 7,000 units in total; presales started in August 2023) for ~5 ha in 2024 were the main revenue driver in the year.
- In early 2025, KBC received investment approval for new IP projects including the Trang Due 3 IP (Hai Phong; 653 ha of total site area) and Kim Thanh 2 phase 1 (Hai Duong; 235 ha of total site area) and the revised investment approval for the Trang Cat UA (Hai Phong; 585 ha of total site area).
- Overall, we anticipate no significant changes to our 2025F forecasts (pending a fuller review) as the recent pickup in IP land sales, as well as new project approvals, were broadly in line with our expectations.
KBC’s 2024 results
VND bn | Q4 | Q4 | YoY | 2023 | 2024 | YoY | 2024F | 2024 as % |
Net revenue | 821 | 781 | -5% | 5,618 | 2,776 | -51% | 2,621 | 106% |
- IP | 654 | 78 | -88% | 5,221 | 1,195 | -77% | 1,576 | 76% |
- UA | 26 | 488 | 19.1x | 105 | 910 | 8.7x | 424 | 215% |
- Others | 141 | 215 | 52% | 293 | 671 | 129% | 621 | 108% |
Gross profit | 386 | 385 | 0% | 3,695 | 1,283 | -65% | 1,248 | 103% |
SG&A expenses | -141 | -215 | 52% | -813 | -627 | -23% | -548 | 114% |
EBIT | 245 | 171 | -30% | 2,883 | 657 | -77% | 700 | 94% |
Financial income | 76 | 158 | 108% | 426 | 451 | 6% | 383 | 118% |
Financial expense | -100 | -65 | -35% | -426 | -258 | -39% | -290 | 89% |
Net income from affiliates | -7 | 71 | N.M. | -8 | 57 | N.M. | 0 | N.M. |
Net other income | 26 | -171 | N.M. | 17 | -143 | N.M. | 0 | N.M. |
PBT | 239 | 164 | -32% | 2,891 | 764 | -74% | 793 | 96% |
NPAT-MI | 105 | 75 | -29% | 2,031 | 426 | -79% | 503 | 85% |
| ||||||||
GPM | 47.0% | 49.3% | 65.8% | 46.2% | 47.6% | |||
- IP | 34.1% | 280.0% | 67.5% | 68.2% | 55.5% | |||
- UA | 40.9% | 11.1% | 36.1% | 11.5% | 11.8% | |||
OPM | 29.9% | 21.8% | 51.3% | 23.7% | 26.7% | |||
NPM | 12.8% | 9.5% | 36.1% | 15.4% | 19.2% |
Source: KBC, Vietcap forecasts (last updated November 8, 2024)
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