- 2024-10-30T00:00:00
- Company Research
- IDC released its Q3 2024 results with revenue of VND2.3tn (USD91mn; +6% QoQ and +58% YoY) and NPAT-MI of VND511bn (USD20mn; +18% QoQ and +3.2x YoY). We attribute the strong Q3 2024 earnings results mainly to the scheduled handovers of unbilled backlog (end-Q2 2024 unbilled backlog was around ~104 ha).
- In 9M 2024, IDC’s revenue increased 38% YoY to VND6.9tn (USD276mn) while its NPAT-MI jumped 95% YoY to VND1.6tn (USD66mn), representing 80% and 85% of our respective full-year forecasts. We expect insignificant changes to our 2024F forecasts, pending a fuller review.
- The IP segment’s revenue in 9M 2024 increased 51% YoY to VND3.4tn (USD134mn; accounting for 49% of total revenue). We estimate IP cash inflows in 9M 2024 at VND4.0tn (USD160mn; +79% YoY and fulfilling 85% of our full-year forecast). The IP segment’s GPM increased by 9.5 ppts YoY to 60.3% in 9M 2024, which we attribute mainly to a YoY increase in ASP.
- IDC will provide detailed results on IP land sales and handovers for Q3 2024 at its upcoming analyst meeting. We estimate 9M 2024 IP land handovers of ~95 ha (double YoY; achieving ~86% of our 2024F forecast of 110 ha). We currently forecast IDC’s IP land sales to decline 41% YoY to 100 ha (of which, 43 ha were in H1 2024), but to recover to 142 ha in 2025F.
IDC’s 9M 2024 results
VND bn | Q3 | Q3 | YoY | 9M | 9M | YoY | 2024F | 9M as % of 2024F |
Net revenue | 1,443 | 2,276 | 58% | 4,998 | 6,891 | 38% | 8,652 | 80% |
- Industrial park (IP) | 644 | 1,008 | 57% | 2,229 | 3,362 | 51% | 3,918 | 86% |
- Energy | 730 | 893 | 22% | 2,070 | 2,361 | 14% | 3,108 | 76% |
- Real estate | 20 | 121 | 6.2x | 73 | 490 | 6.7x | 680 | 72% |
- Other services | 50 | 254 | 5.1x | 626 | 678 | 8% | 946 | 72% |
Gross profit | 405 | 793 | 96% | 1,601 | 2,701 | 69% | 3,320 | 81% |
SG&A expenses | -90 | -88 | -2% | -253 | -272 | 8% | -425 | 64% |
EBIT | 315 | 705 | 2.2x | 1,348 | 2,429 | 80% | 2,895 | 84% |
Financial income | 29 | 44 | 52% | 132 | 115 | -13% | 151 | 76% |
Financial expense | -43 | -34 | -20% | -148 | -104 | -29% | -163 | 64% |
Net income from affiliates | 0 | 0 | N.M. | 1 | 1 | 90% | 0 | N.M. |
Net other income | -45 | 2 | N.M. | -37 | 12 | N.M. | 13 | 96% |
PBT | 256 | 717 | 2.8x | 1,296 | 2,453 | 89% | 2,896 | 85% |
NPAT | 195 | 574 | 3.0x | 1,032 | 1,955 | 89% | 2,317 | 84% |
NPAT-MI | 161 | 511 | 3.2x | 842 | 1,639 | 95% | 1,935 | 85% |
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GPM | 28.1% | 34.9% |
| 32.0% | 39.2% |
| 38.4% |
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- Industrial park (IP) | 42.8% | 56.5% |
| 50.9% | 60.3% |
| 59.6% |
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- Energy | 13.1% | 10.6% |
| 10.7% | 7.0% |
| 8.7% |
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- Real estate | 77.0% | 61.0% |
| 68.1% | 70.5% |
| 66.2% |
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OPM | 21.8% | 31.0% |
| 27.0% | 35.2% |
| 33.5% |
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NPM | 11.1% | 22.5% |
| 16.9% | 23.8% |
| 22.4% |
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Source: IDC, Vietcap forecast (last updated August 23, 2024)
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