We reiterate our OUTPERFORM rating for KBC but cut our target price to VND13,100, implying a total stock return of 15.6% inclusive of an 8.2% dividend yield. We revise our 2018 forecast to reflect brighter sales prospects for KBC’s Que Vo and Tan Phu Trung IPs, but lower sales expectations for Trang Due 2 IP and Phuc Ninh UA and further delays with the development of the Trang Due 3 IP and NSHL IP.