We reiterate our OUTPERFORM rating for KBC while we cut our RNAV-based target price (TP) by ~3% to VND15,100/share. Our lower TP mainly reflects our extended land sales timeline assumptions for KBC’s IPs and urban areas (UA) as its major projects, including Nam Son Hap Linh (NSHL) IP and Phuc Ninh UA, are awaiting final approval to launch sales. Following to our changes in our land sales assumption, we cut our 2020/2021F NPAT-MI forecasts by 12%/1.4%, while raising our 2022F NPAT-MI projection