-    KBC released Q2 2022 results with revenue plunging 47% YoY to VND395bn (USD17mn); however, NPAT-MI surged to VND1.9tn (USD83mn; +46x YoY) vs only VND41bn (USD1.8mn) in Q2 2021. The strong bottom line in Q2 2022 was driven by a VND1.9tn (USD83mn) non-cash revaluation gain of KBC’s investment in Saigon – Da Nang Investment JSC. 

-    Saigon – Da Nang Investment JSC is the developer of the Lien Chieu IP (total site area of 289 ha), Hoa Khanh Expansion IP (total site area of 133 ha) and several urban area (UA) projects such as Dragon City and Bau Tram Lakeside in Da Nang.

-    We note that KBC also recognized a non-cash revaluation gain of VND499bn (USD22mn) in Q1 2022 from its investment in Sai Gon Nhon Hoi IP JSC, which is the main developer of the Nhon Hoi A IP and UA projects (total site area of 630 ha).

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