In Q1 2019, KBC’s revenue was down 23% YoY to VND500bn (USD22mn; 20% of our 2019F) and NPAT-MI was down 57% YoY to VND89bn (USD3.9mn; 12% of our 2019F). In Q1 2019, KBC recognized 15.7 ha of industrial park (IP) land sales (72% of revenue) and 1.6 ha of r