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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<ul><li>Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.</li><li>BIDV has been put into operation under the model of a JSCB since 2012. I</li><li>t has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.</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>

Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.BIDV has been put into operation under the model of a JSCB since 2012. It has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.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.

Stock Recommendations (Vietnam Market) - October 2023

Equity Bottom-Up

<ul><li>In 6M23, IDICO Corporation - JSC (IDC) recorded consolidated revenue and NPATMI of VND3,554bn (- 28.7% YoY) and VND681bn (-59.5% YoY), respectively.</li><li>Revenue from the industrial park segment fell sharply, by 65% YoY to VND1,061bn, due to the lack of retroactive recognition of the Nhon Trach 5, Phu My 2, and Phu My 2 expansion industrial parks (IPs).</li><li>In addition, the profit margins of the abovementioned IPs were higher than those of the sales of Huu Thanh IP in 1H23. </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>

In 6M23, IDICO Corporation - JSC (IDC) recorded consolidated revenue and NPATMI of VND3,554bn (- 28.7% YoY) and VND681bn (-59.5% YoY), respectively.Revenue from the industrial park segment fell sharply, by 65% YoY to VND1,061bn, due to the lack of retroactive recognition of the Nhon Trach 5, Phu My 2, and Phu My 2 expansion industrial parks (IPs).In addition, the profit margins of the abovementioned IPs were higher than those of the sales of Huu Thanh IP in 1H23. 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 - The Market Heats Up

<ul><li>As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</li><li>GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. </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>

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. 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.

Stock Recommendations (Vietnam Market)_August 2023

<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)

Stock Recommendations (Vietnam Market) - October 2023

JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.

Mirae Asset Securities

IDICO Corporation - JSC - The Market Heats Up

In 6M23, IDICO Corporation - JSC (IDC) recorded consolidated revenue and NPATMI of VND3,554bn (- 28.7% YoY) and VND681bn (-59.5% YoY), respectively.

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_August 2023

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping,...

Mirae Asset Securities

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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