We upgrade our rating for KBC to OUTPERFORM from MARKET PERFORM and significantly raise our RNAV-based target price (TP) to VND43,500/share from previously VND14,600/share. Our higher TP is mainly driven by our change of the valuation method for the Trang Cat urban area (UA) in Hai Phong to the DCF method from previously valuing it at book value as this substantially delayed project has recently shown positive progress in its approval process.