- 2024-10-31T00:00:00
- Company Research
- KBC released its Q3 2024 results with revenue of VND950bn (USD38mn; +7% QoQ and +3.8x YoY) and NPAT-MI of VND196bn (USD7.8mn; -17% QoQ and +41.5x YoY). Q3 2024 earnings were primarily driven by IP land handovers of 15 ha (vs 15 ha in H1 2024 and vs our 2024F forecast of 59 ha), among which are 3 ha in the Quang Chau IP and 12 ha in the Nam Son Hap Linh (NSHL) IP.
- 9M 2024 revenue and NPAT-MI were VND2.0tn (USD80mn; -58% YoY) and VND352bn (USD14mn; -82% YoY), respectively. The YoY earnings decline was mainly due to a significant decrease in IP land handovers as KBC has a limited amount of readily available land for sales, while its upcoming IP projects have not launched yet.
- We foresee potential downside risks to our 2024F forecasts as the IP land sales and handovers YTD trailed our expectations, pending a fuller review.
- For the IP segment, the company recorded no IP land sales and handed over 15 ha in Q3 2024. Cumulative 9M 2024, KBC recorded IP land sales and handovers of 17 ha and 30 ha, respectively. The unbilled backlog as of end-Q3 2024 was ~13 ha, among which is ~10 ha from the Tan Phu Trung IP and 3 ha from the Quang Chau IP.
- For the residential segment, handovers at the Nenh Town social housing project (Bac Giang, 12.6 ha with 7,000 units in total; presales started in August 2023) were the main driver in 9M 2024.
- KBC is continuing to seek investment approval for the Trang Due 3 IP (Hai Phong; 687 ha of total site area). There were no new developments in Q3 2024 for KBC’s key residential projects, including the Trang Cat and Phuc Ninh UAs.
KBC’s 9M 2024 results
VND bn | Q3 | Q3 | YoY | 9M | 9M | YoY | 2024F | 9M as % |
Net revenue | 247 | 950 | 3.8x | 4,798 | 1,994 | -58% | 3,248 | 61% |
- IP | 26 | 585 | 22.6x | 4,567 | 1,117 | -76% | 2,221 | 50% |
- UA | 50 | 196 | 3.9x | 79 | 422 | 5.3x | 469 | 90% |
- Others | 171 | 169 | -2% | 151 | 456 | 3.0x | 558 | 82% |
Gross profit | 111 | 360 | 3.2x | 3,309 | 898 | -73% | 1,812 | 50% |
SG&A expenses | -76 | -132 | 75% | -672 | -412 | -39% | -569 | 72% |
EBIT | 35 | 228 | 6.4x | 2,638 | 486 | -82% | 1,243 | 39% |
Financial income | 58 | 116 | 2.0x | 350 | 294 | -16% | 347 | 85% |
Financial expense | -39 | -85 | 2.2x | -326 | -193 | -41% | -242 | 80% |
Net income from affiliates | -2 | -5 | N.M. | -1 | -14 | N.M. | 0 | N.M. |
Net other income | -5 | -3 | N.M. | -9 | 28 | N.M. | 0 | N.M. |
PBT | 47 | 250 | 5.3x | 2,652 | 600 | -77% | 1,349 | 44% |
NPAT-MI | 5 | 196 | 41.5x | 1,925 | 352 | -82% | 972 | 36% |
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GPM | 44.9% | 37.8% |
| 69.0% | 45.0% |
| 55.8% |
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- IP | N.M. | 39.7% |
| 72.3% | 53.4% |
| 65.9% |
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- UA | 19.4% | 12.5% |
| 34.6% | 12.0% |
| 13.3% |
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OPM | 14.3% | 24.0% |
| 55.0% | 24.4% |
| 38.3% |
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NPM | 1.9% | 20.6% |
| 40.1% | 17.6% |
| 29.9% |
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Source: KBC, Vietcap forecast (last updated August 13, 2024)
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