We upgrade our rating for KBC to BUY from OUTPERFORM and raise our RNAV-based target price (TP) by 12% to VND48,500/share. Our higher TP is mainly due to our new incorporation of the Trang Due 3 industrial park (IP) in Hai Phong into our valuation for KBC as this IP has obtained critical approval from the Government. Moreover, our TP is positively affected by (1) rolling it over to mid-2022 from end-2021, (2) our 0.4-ppt lower WACC and (3) our increased IP land sales assumption for 2021-22F.