- Investment and Industrial Development Joint Stock Corporation - Becamex IDC (HOSE: BCM) is a prominent domestic developer of industrial parks (IP) in Vietnam with its land bank mainly located in Binh Duong Province, one of Vietnam’s top provinces in terms of FDI attraction. BCM possesses a substantial land bank, comprised of ~850 ha of remaining leasable IP land and ~1,220 ha of a remaining saleable urban area (UA) as of the end of 2023.

- BCM has a significant presence in the industry through its joint ventures/affiliates, including VSIP (largest IP developer in Vietnam with ~10,600 ha of operating IP & UA land; BCM owns 49%), BW Industrial (a leading logistics developer in Vietnam with over 900 ha of industrial/ logistics land bank; BCM owns 24%), Becamex Binh Phuoc (4,668 ha of total site area; BCM owns 40% directly), and Becamex VSIP Binh Dinh (1,374 ha of total site area; BCM owns 40%).

- We forecast 2024F NPAT-MI to decline 4% YoY to VND2.3tn (USD91mn) mainly due to a lower contribution from the residential segment YoY, which is partly offset by (1) higher IP land sales handovers YoY and (2) an increased contribution from affiliates.

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