- We maintain our BUY rating for IDC and raise our target price (TP) by 7% to VND49,100/share.

- Our higher TP is mainly driven by now factoring the Tan Phuoc 1 IP into our valuation following management’s expectation of obtaining investment approval in Q1 2023, which is partially offset by our weaker IP land sales assumption in 2023F of 100 ha (-24% YoY) vs previously 140 ha (+6.3% YoY).

- We expect IDC to achieve YoY weaker IP land sales in 2023 due to the global economic slowdown but maintain our IP land sales assumption for 2024-2025F. Our expectation for 2023F IP land sales is more positive than IDC’s recent guidance for 90 ha (-32% YoY) in the year.

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