- KBC released Q1 2023 results with revenue surging 221% YoY to VND2,223bn (USD95mn) and NPAT-MI increasing 96% YoY to VND941bn (USD40mn), equivalent to 36% and 60% of our respective full-year forecasts.

- The surge in the top line was due to strong IP land sales recognition in Q1 2023 for 63 ha (+608% YoY) that was driven by the Quang Chau and Nam Son Hap Linh (NSHL) IP’s respective land sales of 53 ha and 10 ha. 

- KBC also recorded upbeat IP presales in Q1 2023 of ~83 ha, of which 20 ha were land sales in the Tan Phu Trung (TPT) IP and 63 ha were land sales in NSHL to Goertek. According to KBC, the sales to Goertek could be delivered in Q2 2023 as Goertek recently received its investment license.