IDC – Restructure to boost growth
- In 3Q2022, total revenue reached VND 2,053 billion or USD 84 million (+128% YoY) and NPAT was VND 422 billion or USD 17 million (+150% YoY). In 9M2022, IDC’s revenue increased by +27% YoY to VND 7,034 billion or USD 287 million and its PBT jumped by 325% YoY to VND 2,948 billion or USD 120 million thanks to the surges of IP leasing, energy, toll fee collection businesses.
- IDC is in a restructuring progress, which is now focusing on just four pillars including industrial parks, residential real estate, energy, and industrial services, while other non-related businesses will be gradually divested.
- We believe in a positive short- and long-term outlook for IDICO (HNX: IDC) because of the following reasons: IP leasing segment will be supported by (1) numerous signed contracts and MOUs balance of 2022 are expected to be booked in 2023, (2) unearned revenue balance is expected to be recognized gradually in the next quarters, and (3) large available GFA secure supply at least for 4-5 year. In addition, (4) the resumption of Dak Mi 3, (5) the plan to develop rooftop solar power systems, as well as (6) the ambitious development plan of ~110 hectares of RBFs by 2026 are boosting source for energy business and industrial park services segment.
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