VPBankS buys 1.15 million KBC shares to raise stake to 5.04% and become a major shareholder

VPBankS purchased 1.15 million KBC shares on April 13, increasing its holdings from 46.35 million shares (4.922%) to 47.5 million shares (5.044%), making it a large shareholder of KBC. At the close of trading on April 13, KBC stock ended at 34,000 dong per share. VPX is estimated to spend about 39 billion dong to acquire the shares. In a KBC research report, VPX issued a buy recommendation with a 12-month target price of 39,400 dong per share, stating that KBC is positioned for a more sustainable growth cycle.

Investment theses outlined by VPX

1) Contracted sales backlog improves outlook for 2026

VPX said contracted sales backlog rebounded strongly, supporting the 2026 outlook. After a lackluster Q2/25 linked to tariff-related uncertainties, KBC’s investment-attraction activity recovered from early Q3/25. By the end of 2025, the backlog for 2026 reached 148 hectares. With tariff risks easing and government policies to attract FDI remaining supportive, VPBankS expects investment-attraction activity in industrial zones to continue recovering in 2026–27. This implies land handovers could rise to 153 hectares and 176 hectares in 2026–27, compared with 122.7 hectares in 2025.

2) Industrial park land bank expands after a tight supply period

VPX noted that KBC’s land bank expanded after a period of tight supply. In the first half of 2025, KBC secured approvals for investment in six industrial park projects with total leasable area estimated at about 1,649 hectares. The company is accelerating development of five key projects: Trang Duệ 3 (Hai Phong), Que Vo expansion 2 (Bac Ninh) and Kim Thanh 2 (Hai Duong), Phu Bình (Thai Nguyen), and Loc Giang (Long An), with compensation for site clearance now at a relatively high level. VPBankS expects these projects to start land handovers in 2026–27, expanding KBC’s industrial park land bank by about 1,170 hectares.

3) Trang Cat Urban Area moves toward handover

VPX said the Trang Cat Urban Area project has completed legal formalities and is ready for handover. The project completed land-use payment obligations and obtained a red book in 2025. With full legal procedures in place, more than 100 hectares of land have been cleared. KBC is negotiating with buyers, and VPBankS expects the company to begin transferring part of the project from late 2026. VPBankS forecasts land handovers of 10 hectares per year from 2026–27 for this project, supporting revenue and residential real estate profits.

4) Residential real estate portfolio to expand further

VPX added that KBC’s residential real estate portfolio continues to grow. Beyond Trang Cat, the company is developing Central Point Hai Phong opposite the new administrative center of Hai Phong, and the Trump-branded Khoai Chau urban area and golf course project. VPBankS expects these projects to contribute to real estate revenue from 2028 onward. However, VPBankS said it has not included the DCF valuation of the Khoai Chau project in its current valuation model.

Risks highlighted by VPBankS

VPBankS identified two key investment risks for KBC. First, President Trump could announce sector-specific tariffs, which may affect tenant sentiment and Vietnam’s ability to attract FDI if tariffs differ by country. This could impact the outlook for attracting investment into KBC’s industrial parks in 2026–27 and may delay sales of the Trang Cat urban project, weakening financial strength and growth prospects in 2026.