- We maintain our BUY rating for IDC and raise our target price (TP) by 1% to VND49,700/share.

- Our higher TP is mainly driven by rolling our TP horizon forward from end-2023 to mid-2024, which is partially offset by our lower ASP assumption for the Huu Thanh UA project. 

- We lower our 2023F NPAT-MI forecast 25% to VND1.9tn (USD79mn; +5% YoY) mainly due to (1) our more conservative one-off IP land sales recognition forecast of ~100 ha (+67% YoY) vs previously ~130 ha and (2) excluding the recognition of the remaining unearned revenue of the fully occupied My Xuan B1 IP (the recognition of this revenue is recorded as a retroactive recognition and should not materially impact cash flow).

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