External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>New IP rental areas expected to reach 90 ha in FY23 and recognize previous contracts of 34 ha (thanks to IPs in the South): The PM2 &amp; PM2E IPs will be still the key drivers, combined with potential revenue from the Huu Thanh IP (around 28 ha – estimated to include VND870bn in signed MOUs in late-2022).</li><li>Furthermore, during 4Q22, sales of the Industrial Park (IP) segment generated only VND144bn in revenue, marking a decrease of 3.5% YoY and 86% QoQ.</li><li>Meanwhile, IDC recorded more than VND500bn in unearned revenue on its balance sheet, primarily from the PM2E IP and Huu Thanh IP.</li></ul><div class="content-highlight"><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></div>

New IP rental areas expected to reach 90 ha in FY23 and recognize previous contracts of 34 ha (thanks to IPs in the South): The PM2 &amp; PM2E IPs will be still the key drivers, combined with potential revenue from the Huu Thanh IP (around 28 ha – estimated to include VND870bn in signed MOUs in late-2022).Furthermore, during 4Q22, sales of the Industrial Park (IP) segment generated only VND144bn in revenue, marking a decrease of 3.5% YoY and 86% QoQ.Meanwhile, IDC recorded more than VND500bn in unearned revenue on its balance sheet, primarily from the PM2E IP and Huu Thanh IP.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.

IDICO Corporation - JSC - Update - Maintaining Inner Strengths

<ul>
<li>Large land bank within prime locations: As of the end of 2Q/22, IDC's land bank encompasses more than 758 ha, with five Industrial Parks (IP) concentrated in the two key economic provinces of the North and South.</li>
<li>Most IPs are cleared early, so the cost of sales is very low.</li>
<li>Moreover, most industrial zones in the North are field land, so compensation is low, based on the state unit price.</li>
</ul>
<div class="content-highlight"><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></div>


Large land bank within prime locations: As of the end of 2Q/22, IDC's land bank encompasses more than 758 ha, with five Industrial Parks (IP) concentrated in the two key economic provinces of the North and South.
Most IPs are cleared early, so the cost of sales is very low.
Moreover, most industrial zones in the North are field land, so compensation is low, based on the state unit price.

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.

IDICO Corporation - JSC  (IDC VN Equity/Buy) - Initiation - Industrial Parks Drive the Growth

Vietnam

IDICO Corporation - JSC invests in and develops urban infrastructure, economic zone, and residential projects in Vietnam. It engages in the provision of industrial zone development, investment, hydropower, transportation, housing and urban area, and construction and installation services. The company was formerly known as Vietnam Urban and Industrial Zone Development Corporation. IDICO Corporation - JSC was founded in 2000 and is headquartered in Ho Chi Minh City, Vietnam.

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IDICO Corp (IDC VN)

IDICO Corporation - JSC - Update - Maintaining Inner Strengths

Furthermore, during 4Q22, sales of the Industrial Park (IP) segment generated only VND144bn in revenue, marking a decrease of 3.5% YoY and 86% QoQ.

Mirae Asset Securities

IDICO Corporation - JSC (IDC VN Equity/Buy) - Initiation - Industrial Parks Drive the Growth

Most IPs are cleared early, so the cost of sales is very low. Moreover, most industrial zones in the North are field land, so compensation is low,...

Mirae Asset Securities

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