Viet Dragon Securities - SIP – Conservative targets for the year ahead

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Viet Dragon Securities

Thach Lam Do

SIP – Conservative targets for the year ahead

• In 1Q2025, SIP recorded positive result, with revenue and gross profit of VND 1.94 tn (USD 77.6mn, +6% YoY, -6%QoQ) and VND 320bn (USD 12.8mn, +17%YoY,+12%QoQ), respectively. Electricity and water distribution for industrial parks (IPs) continues to be the main revenue-generating sector for SIP, with revenue and gross profit to reach VND 1.6 trillion (USD64mn, +7%YoY) and VND 133 billion (USD 5.3mn, +9%YoY), respectively. In terms of sales, the company continued to actively seek leasing clients at Phuoc Dong Industrial Park (Tay Ninh), securing two new contracts with a total leased area of approximately 16 hectares in January 2025
• For 2025 AGM, The company has set a relatively cautious business plan, with projected revenue of VND 5,657 billion (-27% YoY) and net profit after tax (NPAT) of VND 832 billion (-35%). Despite industry challenges, including risks from U.S. tariff policies, the company remains confident in achieving its business plan for the year; and current clients are expected to maintain their land leasing plans in the near future.

12/05/2025 6 EN

Provider

Viet Dragon Securities

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.

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Analysts

Thach Lam Do

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SIP – Conservative targets for the year ahead

MACRO UPDATE MAY 2025: SENTIMENT SHOWS SHORT-TERM IMPROVEMENT

MOVING FORWARD

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