NTC – Fulfilling financial obligations on land is the basis for promoting business
• In June 2024, the People's Committee of Binh Duong province issued Decision No. 1784/QD-UBND on approving the unit price of land to calculate land rent (phase 1) for the Nam Tan Uyen Industrial Park (NTU Industrial Park) 3 project in Tan Uyen city. With a total land price determination area of 344 hectares, a term of use of 70 years as of September 13, 2068, the unit price of land used is VND 2.4 million/m2. After deducting the number of years of land use levy exemption from the present time and deducting compensation and resettlement costs, the total land use cost payable for the NTU3 project is VND 2,751 billion, equivalent to the unit price of 10.76 billion VND/commercial ha.• In the base case for 2024, we estimate NTC's revenue and EBITDA at VND678 billion (+188% YoY) and VND 336 billion (+12% YoY), respectively. Revenue will mainly come from the industrial land lease business, when handing over 90 hectares with an average rental price of 130 USD/m2. EPS 2024 is expected to reach VND 13,996.
• We maintain our BUY recommendation on NTC stock with a target price of VND 299,000/share, for a long-term target based on the potential from the commercialization of NTU3 Industrial Park. Combined with the expected cash dividend of VND 6,000/share in the next 12 months, the total expected return is 53% compared to the closing price on September 4, 2024.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.