Analyst Pin-board SZC – Rapidly utilizing the residential real estate landbank
- In 4Q2021, SZC retrieved a robust growth with revenue of VND 145 bn (+198% YoY) and NPAT reached VND 68 bn (+187% YoY). Accumulating in 2021, revenue reaped VND 713 bn (+65% yoy) and NPAT gained VND 324 bn (+74% yoy).
- In 2021, SZC raked in revenue and NPAT respectively were VND 713 bn (+65%) and VND 324 bn (+74%), driven by the leasing land of 60.8 hectares in Chau Duc Industrial Park with an estimated average net rental price lifted up by more than 30% YoY. Gross profit margin expanded from 54% to 63%, attributed to a solid growth in net rental price (excluding land-use levy).
- SZC is expected to grow constantly with a prophecy of revenue and NPAT will reach VND 1,169 bn (+64%) and VND 365 bn (+13%), respectively in 2022. The crucial driver will come from the residential real estate segment, we assume that SZC will hand over and record over 260 land plots, with an estimated selling price of around VND 1.2 - 1.4 bn/plot. Accordingly, the residential real estate segment will largely contribute VND 346 bn and VND 66 bn in revenue and gross profit, corresponding to 30% and 12%,
- As the market price as of April 7th, 2022, forward P/E 2022 and P/B 2022 of SZC respectively was 20.6x and 3.9x which is lower than the current 23.2x of P/E and 4.8x of P/B.
Sonadezi Chau Duc Shareholding Co. Sonadezi Chau Duc Shareholding Company is a Vietnam-based company primarily engaged in the planning, development and construction of industrial, commercial and residential real estate.
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