LHG - Shortage of revenue from IP land lease
• In Q3, LHG reported revenue of VND 112 billion (+23% YoY, -50% QoQ), comprising: 1/ VND 55 billion from leasing ready-built factories (RBFs) – driven by high occupancy rates at existing facilities, with no new projects commencing operations; 2/ No revenue recognized from industrial land leasing, as no new tenants were secured (versus positive contributions in 1H2025). LHG posted modest net profit after tax (NPAT) of VND 46 billion (+10% YoY, -49% QoQ) – in line with expectations given the absence of land leasing revenue.• Regarding the high-rise factory project (Phase 2, 26,000 m² GLA), the external structure is now complete, with ongoing work focused on fire protection systems and internal infrastructure fit-out. The company maintains its schedule for inauguration in December 2025, positioning the asset for leasing eligibility in 2026 – a key driver supporting projected RBF revenue of VND 252 billion in 2026 (+15.6% YoY).
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