External broker reports(aggregated public sources), Vietcap

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<ul><li>We maintain our BUY rating on IDC but lower our target price by 4% to VND54,000/share, as a result of our 32%/22%/18%/11% cut in 2025/26/27/28F respective IP land sales forecasts, which is partially offset by (1) rolling forward our TP horizon to end-2026 and (2) higher valuations for the IP utilities (mainly RBF/RBW) and energy segments.</li><li>We forecast 2025F NPAT-MI to decline 18% YoY to VND1.6tn (USD62mn), driven by our expectation of ~8 ha of IP land handovers in Q4 2025F (vs 28 ha in H1 2025, 36 ha in Q3 2025), with IDC’s end-Q3 2025 backlog (our estimated ~49 ha) largely to be handed over in 2026F.</li><li>For 2026F, we forecast NPAT-MI to increase 17% vs 2025F to VND1.9tn (USD73mn), supported by (1) a YoY improvement in IP land sales that will drive higher IP land handovers and (2) expected sales launches at the Huu Thanh UA project.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We maintain our BUY rating on IDC but lower our target price by 4% to VND54,000/share, as a result of our 32%/22%/18%/11% cut in 2025/26/27/28F respective IP land sales forecasts, which is partially offset by (1) rolling forward our TP horizon to end-2026 and (2) higher valuations for the IP utilities (mainly RBF/RBW) and energy segments.We forecast 2025F NPAT-MI to decline 18% YoY to VND1.6tn (USD62mn), driven by our expectation of ~8 ha of IP land handovers in Q4 2025F (vs 28 ha in H1 2025, 36 ha in Q3 2025), with IDC’s end-Q3 2025 backlog (our estimated ~49 ha) largely to be handed over in 2026F.For 2026F, we forecast NPAT-MI to increase 17% vs 2025F to VND1.9tn (USD73mn), supported by (1) a YoY improvement in IP land sales that will drive higher IP land handovers and (2) expected sales launches at the Huu Thanh UA project.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDC [BUY +36.9%] - Large Strategic Land Bank to Drive IP Land Sales Rebound - Update

IDICO Corp

IDC [BUY +36.9%] - Large Strategic Land Bank to Drive IP Land Sales Rebound - Update