- We maintain our BUY rating for IDC and raise our target price by 10% to VND64,000/share. Our higher target price is mainly due to including the Vinh Quang IP project (Hai Phong) into our valuation and forecast as management recently stated that this IP completed 1/2000 masterplan and is expected to receive investment approval by 2025.

- We forecast 2024/25F NPAT-MI growth at 35% and 23% YoY, respectively, mainly thanks to our anticipation for (1) strong IP land sales handovers (110 ha in 2024F and 135 ha in 2025F) as well as the end-2023 unbilled backlog of ~156 ha (per our estimates), and (2) a higher contribution from the residential segment vs 2023. 

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