- We reiterate our BUY rating for IDC and raise our target price (TP) by 12% to VND71,400/share. Our higher TP is mainly due to higher average selling price (ASP) assumptions for 2024F and rolling our TP horizon forward to mid-2025 from end-2024.

- We forecast 2024F NPAT-MI to grow 36% YoY as we expect strong IP land handovers at 110 ha (34 ha handed over in Q1 2024), a YoY increase in ASPs of its IPs, and a YoY higher contribution from the residential segment. Our 2024F NPAT-MI forecast is broadly unchanged.

- We project 2023-26F NPAT-MI CAGR of 28% which will be mainly driven by our expected resilient 2024-26F IP land sales of 153 ha/year on average as IDC possesses a large amount of readily leasable land bank (554 ha of remaining leasable area at end-Q1 2024, mainly in tier-1 industrial regions, of which we estimate ~88% has been cleared) as well as expected increased exposure to the residential segment during the forecast period. 

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