We attended KBC’s AGM on April 10, 2021, in Bac Ninh Province. Shareholders approved KBC’s 2021 guidance for total income (including revenue, financial income and other income) of VND6.6tn (USD285mn; +167% YoY) and NPAT of VND2tn (USD86mn; +525% YoY), which is 32% and 30% above our forecasts, respectively. KBC’s guidance includes 195 ha of industrial park (IP) land sales and 8.4 ha of urban area (UA) land sales in 2021 vs our current forecasts of 135 ha and 8.4 ha, respectively.