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 ready-built factory sales (17% of revenue), completing 19% and 40% of our 2019F, respectively. Only 480 sqm of Phuc Ninh UA land sales was recognized vs our 2019F assumption of four ha. In Q1 2018, KBC recognized 33 ha of IP and 0.7 ha of UA