- IDC released upbeat Q3 2022 results with revenue soaring 128% YoY to VND2.1tn (USD86mn) and NPAT-MI surging 151% YoY to VND422bn (USD17mn) mainly thanks to strong industrial park (IP) revenue recognition. Per management, IDC signed contracts and memorandums of understanding (MOUs) of additional IP land sales of 37.9 ha in Q3 2022 (equivalent to 129.7 ha in 9M 2022 and representing 81% of our full-year forecast). 

- In Q3 2022, we estimate IDC recognized unearned revenue from the fully-occupied My Xuan B1 (Ba Ria-Vung Tau Province) of around VND470bn (USD19mn; accounting for 46% of IP revenue in the quarter) following the finalization of recognition for this IP. IDC owns a 51% stake in this IP, which had remaining unearned revenue of VND645bn (USD26mn) as of end-Q3 2022. Moreover, IDC applied one-off recognition for some IP land sales contracts in Q3 2022 vs purely using the allocation recognition method in Q3 2021.

- In 9M 2022, IDC’s revenue surged 119% YoY to VND7tn (USD286mn) and NPAT-MI jumped 364% YoY to VND2.1tn (USD86mn) as they were driven by upbeat IP revenue recognition and completed 91% and 99% of our respective full-year forecasts.

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