- 2024-01-31T00:00:00
- Company Research
- KBC released Q4 2023 results with revenue of VND1.1tn (USD45mn) and NPAT-MI of VND75bn (USD3.1mn) vs a VND503bn (USD21mn) net loss in Q4 2022.
- KBC’s 2023 NPAT-MI increased 31% YoY to VND2.0tn (USD82mn), representing 91% of our full-year forecast. As such, we anticipate slight downside risk to our 2024F NPAT-MI forecast, pending a fuller review. We continue to expect the launches of the Trang Due 3 IP and Phuc Ninh residential projects to be the main contributors for the 2024F profit forecast.
- KBC’s IP segment recorded an 8.0x jump in 2023 revenue to VND5.2tn (USD216mn; accounting for 93% of total revenue) because of an increase in IP land sales handovers (~152 ha in 2023 vs our forecast of 162 ha and vs ~19 ha in 2022), mainly to Quang Chau IP and Nam Son Hap Linh IP. KBC recorded signed contracts of ~185 ha in 2023, implying ~33 ha of an end-2023 unbilled backlog that could be recognized in upcoming quarters.
- KBC’s residential revenue was down 70% YoY in 2023 to VND105bn (USD4.3mn) mainly due to minimal handovers at the Trang Due 3 UA project. KBC is completing legal procedures for the Phuc Ninh and Trang Cat residential projects.
KBC’s 2023 results
VND bn | Q4 2022 | Q4 2023 | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
Net revenue | -338 | 1,094 | N.M. | 950 | 5,645 | 494% | 6,313 | 89% |
Gross profit | -295 | 488 | N.M. | 266 | 3,686 | 1287% | 4,050 | 91% |
SG&A expenses | -187 | -229 | 22% | -510 | -825 | 62% | -852 | 97% |
EBIT | -481 | 259 | N.M. | -245 | 2,861 | -1270% | 3,198 | 89% |
Financial income | 105 | 162 | 54% | 340 | 454 | 34% | 363 | 125% |
Financial expense | -155 | -163 | 6% | -595 | -450 | -24% | -564 | 80% |
Net income from affiliates | -23 | -13 | N.M. | 2,187 | -11 | N.M. | 34 | N.M. |
Net other income | -1 | 16 | N.M. | 10 | 11 | 12% | 3 | 378% |
PBT | -555 | 260 | N.M. | 1,697 | 2,865 | 69% | 3,034 | 94% |
NPAT-MI | -503 | 75 | N.M. | 1,526 | 1,996 | 31% | 2,181 | 91% |
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GPM | N.M. | 44.6% |
| 28.0% | 65.3% |
| 64.2% |
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OPM | N.M. | 23.7% |
| -25.7% | 50.7% |
| 50.7% |
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NPM | N.M. | 6.8% |
| 160.6% | 35.4% |
| 34.5% |
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Source: KBC, Vietcap forecast (last updated October 31, 2023)
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