- We provide an update on DTD following our last report, dated April 13, 2023.

- Industrial park (IP) land sales continued to lead revenue in 2023 and Q1 2024 (contributing 71% and 63% of total revenue, respectively). However, Q1 2024 IP land sales revenue declined 68% YoY from a high base, dragging NPAT-MI down 61% YoY to VND51bn.

- In Q2 2024, DTD expects to recognize revenue from sales of an additional 17.6 ha in Dong Van 3 IP phases 1 and 2. Management estimates this should help the company reach 90% of its full year 2024 revenue target of VND770bn in Q2 2024.

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