Analyst Pin-board SIP – The quiet giant
- SIP’s IP portfolio has a total area of up to 3,207 ha in prime location. In particular, the available for lease area is approximately 1,000 hectares. This is enough supply for SIP to exploit in the long term.
- Residential real estate and utility services segments are oriented to sustainable development in the long term. We see that SIP is oriented to follow the model of 1 closed ecosystem that deploys other complementary business activities to support industrial park’s operation.
- In 2022, SIP plans consolidated revenue of VND 5,200 billion and NPAT of VND 668 billion, down 7% and 26% YoY respectively. In the first 6 months of 2022, SIP recorded revenue of VND 3,086.7 billion, up 3% and completed 59.4% of the year plan. Meanwhile, NPAT reached VND 501.26 billion, down 9% YoY and completed 60% of the year plan.
- We saw SIP as a potential investment not only in terms of land bank but also the ability to exploit accompanying services to increase the added – value for the firm. Besides, a healthy balance sheet will help SIP maintain an annual cash dividend of at least 2,000 VND/share. After adjusting the unearned revenue target to synchronize the accounting method with other peers, the adjusted P/B of SIP is 1.33, which is lower than the industry average of 2.
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