We downgrade our rating for KBC to MARKET PERFORM from OUTPERFORM and cut our RNAV-based target price (TP) by 3.3% to VND14,600/share. KBC’s share price has increased 6.1% over the last three months.Our lower TP mainly reflects our lower average selling price (ASP) assumption for the Trang Due urban area (UA) — as ASPs for recent land sales were behind our expectation — in addition to our extended development timeline assumption for KBC’s IPs.