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IDC - The outcomes following the gradual restructuring are becoming more evident

• The consolidated revenue for the first half of 2023 reached VND 3,554 billion (a 29% decrease compared to the same period last year and approximately 43% of the full-year 2023 plan), while the Net Profit beforer Tax (NPBT) was VND 1,034 billion (a 52% decrease compared to the same period last year and 41% of the annual plan). The primary reason for this discrepancy is the one-time revenue recorded in the first half of 2022 for the Nhon Trach 5 IP.
• We hold a positive outlook on IDICO (HNX: IDC) due to several key factors. Firstly, their substantial inventory of 677 hectares of leaseable land ready for lease guarantees at least 5 more years of business performance while pursuing additional projects ranging from 1,893 to 2,283 hectares. This is complemented by a significant improvement in asset turnover since 2020, evident in impressive land leasing figures for 6T2023. Secondly, the return to normal operations of the Dak Mi 3 hydropower plant and the operation of the Huu Thanh sub station Phase 1 contribute added value to their energy business segment. Thirdly, IDC's ready built- factories business segment exhibits potential, with the development of approximately 2.6 hectares out of an estimated 36 hectares in two strategic locations, Nhon Trach and Huu Thanh Industrial Parks, aimed at diversifying revenue streams and expanding their customer base.
• With a substantial backlog of remaining contracts from 2022 and new agreements signed in 6M2023, including large contracts with the Giant manufactures  like PepsiCo (20 hectares) and Hyosung (25 hectares), we believe that IDC can successfully achieve its annual plan upon the completion of land handovers under these lease contracts. Additionally, IDC has plans to distribute cash dividends over the next 12 months at a rate not lower than 4,000 VND per share, equivalent to a dividend yield of approximately 8.8% at the closing price on October 4, 2023