External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

Equity Bottom-Up

Sonadezi Chau Duc Shareholding / Equity Bottom-Up

<ul><li>We cut our target price (TP) for SZC by 12% to VND42,400/share and maintain our OUTPERFORM rating.</li><li>Ourlower TP primarily reflects reduced assumptions for IP land sales and ASP growth during 2025-28F, mainly due to potential challenges from the US reciprocal tariff announcement and ongoing trade negotiations, which are partially offset by rolling our TP horizon forward to mid-2026.</li><li>We revise down our 2025-26F NPAT-MI forecasts by 26%/34%, mainly due to (1) reduced IP &amp; UA revenue projections and (2) lower assumed GPM for the IP segment in line with Q1 2025.</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 cut our target price (TP) for SZC by 12% to VND42,400/share and maintain our OUTPERFORM rating.Ourlower TP primarily reflects reduced assumptions for IP land sales and ASP growth during 2025-28F, mainly due to potential challenges from the US reciprocal tariff announcement and ongoing trade negotiations, which are partially offset by rolling our TP horizon forward to mid-2026.We revise down our 2025-26F NPAT-MI forecasts by 26%/34%, mainly due to (1) reduced IP &amp; UA revenue projections and (2) lower assumed GPM for the IP segment in line with Q1 2025.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.

SZC [OUTPERFORM +13.2%] - Steady IP Cash Flows Despite Softer Land Sales Volume Outlook