SIP – Maintain steady growth momentum
- In the 9M2022, SIP recorded revenue of VND 4,595 billion ($196mn), up 11% YoY and completing 88.3% of the year plan. Meanwhile, NPAT-MI reached VND 678 billion ($29mn), equivalent to the same period last year. Notably, the utility businesses had an impressive move, as the revenue reached VND 3,809 billion ($162mn or +15% YoY).
- In this update, we have more information to evaluate investment prospects for SIP, including (1) the abundant available GFA from current IPs, the new growth driver from Long Duc Phase 2, (2) the residential real estate segment still has a plenty of room to unlock the value, (3) earnings of utility businesses are becoming attractive and will grow following IP occupancy, and (4) Ready-built factory (RBFs) leasing development plan is potential and ambitious.
- We maintain our positive outlook for SIP due to the above investment prospects. In addition, a healthy balance sheet with a strong cash balance will support the annual cash dividend plan of VND 2,000/ share. In our base case for 2023, we estimate that SIP’s revenue in 2023 is roughly at VND 6,785 billion ($288mn) and VND 1,132 billion ($48mn) in NPAT.
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.