- KBC released Q2 2023 results with revenue of VND2.1tn (USD87mn; +421% YoY) and NPAT-MI of VND711bn (USD30mn) vs a VND366bn (USD15mn) net loss in Q2 2022. GPM in Q2 2023 improved by 26 ppts YoY and 3 ppts QoQ , respectively, to 72.8%. 

- H1 2023 NPAT of VND1.8tn (USD76mn) was 10% lower than the preliminary H1 2023 NPAT of VND2tn (USD85mn) announced at KBC’s June 2023 AGM. In H1 2023, NPAT-MI jumped 14.3x YoY to VND1.7tn (USD70mn), representing 77% of our full-year forecast. This result is mostly in line with our expectation, and we do not anticipate any significant change to our forecasts.

- The strong earnings in H1 2023 were mainly driven by a 7.7x increase IP land sales handovers, which amounted to 128 ha (equal to 79% of our full-year forecast of 162 ha). 56 ha of this was from the Quang Chau IP (mostly to Foxconn), and 72 ha was from the Nam Son Hap Linh IP (mostly to Goertek). At end-Q2 2023, KBC recorded signed contracts of 185 ha, implying 57 ha of unbilled backlog that could be recognized in upcoming quarters. 

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