- We reiterate our BUY rating for KBC and raise our target price (TP) by 5% to VND37,700/share. 

- Our higher TP is driven by (1) a higher ASP assumption for the Trang Cat UA, aligning with high regional prices and supported by upcoming infrastructure development, with presales starting in 2026F, and (2) rolling our TP horizon to end-2025 from mid-2025.

- We cut our 2024/25F NPAT-MI forecasts by 48%/27%, respectively, mainly due to reduced IP land handovers and lower GPM following weaker-than-expected 9M 2024 results but raise our 2026F NPAT-MI forecast by 4% on account of a higher assumed ASP for the Trang Cat UA.

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