IDC – Expanding land bank to sustain growth
• For 9M2024, IDC reported revenue of VND 6.9 trillion (USD 274 million; +38% YoY), with industrial park (IP) land lease revenue reaching VND 3 trillion (USD 119 million; +52% YoY). During this period, the company recorded lease revenue for 88 ha, of which 46 ha were from MOUs signed in 2023, and 32 ha were from new contracts signed in 2024.• For 2024, IDC’s NPAT is projected to reach VND 2.2 trillion (USD 87 million; +57% YoY); EPS for 2024 is estimated at VND 6,600, with a maintained cash dividend of VND 4,000/share. Q4 revenue and NPAT could reach VND 2.3 trillion (USD 91 million) and VND 554 billion (USD 22 million), respectively, comparable to the same period in 2023
• IDC plans to advance operations with IPs that have completed investment policy approvals, increasing the total leaseable land area to 961 ha, including Tan Phuoc 01 IP (Tien Giang, 65% owned by IDC) and My Xuan B1 IP expansion (Vung Tau, 51% owned by IDC).
• Using SOTPs method, we set the IDC’s target price of VND 60,100/share (with a +12% upside from the closing price on November 11, 2024, inclusive of a cash dividend of VND 4,000/share), corresponding to an ACCUMULATE recommendation
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