We reiterate our OUTPERFORM rating for KBC while we slightly raise our RNAV-based target price (TP) by 3% to VND17,500 to mainly reflect the higher assumed ASP of Trang Due urban area (UA) land sales and accelerated IP land sales over 2020-2022. This is partly offset by an adjusted site area for the Nam Son Hap Linh (NSHL) IP to 300 ha from 432 ha.