KBC – Brief – [NONRATED] – Strong IP Land Handovers In 3Q26

In 3Q26, KBC reported net revenue of VND3,187bn (+137% yoy, +441% qoq) with GP landing at VND1,723bn (+120% yoy, +761% qoq). Blended GPM reached 54.0% (-4.2%p yoy vs. 58.2% in 3Q25, but significantly improved +20.0%p qoq vs. 34.0% in 2Q26) driven by the resurgence of high-margin IP land handovers. NPAT surged to VND937bn (+200% yoy, up 27.6x qoq).