- 2024-05-02T00:00:00
- Company Research
- KBC released its Q1 2024 results with revenue of VND152bn (USD6.1mn; -93% YoY) and a net loss of VND86bn (USD3.4mn) vs VND941bn (USD38mn) NPAT-MI in Q1 2023. The net loss in Q1 2024 was because of no IP land handovers in the quarter, compared to the 63 ha of IP land handovers in Q1 2023. We anticipate potential downside risks to our 2024F earnings forecasts, pending a fuller review.
- For IP land sales, year to date, KBC recorded ~10 ha of new IP land sales in the Nam Son Hap Linh IP. The company is still awaiting investment approval for the Trang Due 3 IP, which we expect to be a major sales contributor in 2024F.
- On the other hand, KBC’s cash flow from operations (CFO) was VND5.1tn (USD207mn) at end-Q1 2024, which was mainly driven by the 5.7tn (USD226mn) deposit from Sai Gon – Ham Tan Tourism Corporation (SHTC). Per KBC, this deposit amount was from the customer deposits for the acquisition of a portion of land in Trang Cat UA.
KBC’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 as % |
Net revenue | 2,214 | 152 | -93% | 7,493 | 2% |
Brokerage | 2,068 | 0 | N.M. | 5,570 | 0% |
Property sales | 21 | 15 | -30% | 1,363 | 1% |
Others | 124 | 138 | 11% | 559 | 25% |
Gross profit | 1,545 | 74 | -95% | 4,337 | 2% |
SG&A expenses | -246 | -114 | -53% | -1,095 | 10% |
EBIT | 1,299 | -41 | N.M. | 3,242 | N.M. |
Financial income | 155 | 68 | -56% | 252 | 27% |
Financial expense | -132 | -54 | -59% | -588 | 9% |
Net income from affiliates | -4 | -7 | N.M. | 76 | N.M. |
Net other income | -4 | -3 | N.M. | 0 | N.M. |
PBT | 1,314 | -36 | N.M. | 2,983 | N.M. |
NPAT-MI | 941 | -86 | N.M. | 2,134 | N.M. |
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GPM | 69.8% | 48.5% |
| 57.9% |
|
Brokerage | 70.9% | N.M. |
| 60.7% |
|
Property sales | 34.1% | 35.0% |
| 47.6% |
|
OPM | 58.7% | -26.6% |
| 43.3% |
|
NPM | 42.5% | -56.3% |
| 28.5% |
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Source: KBC, Vietcap forecast (last updated March 6, 2024)
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