- We initiate coverage on SIP with a BUY rating and mid-2024 target price of VND178,000/share.

- SIP is one of the largest listed industrial park (IP) developers in Vietnam’s southern industrial hub. SIP currently owns four IPs in Tay Ninh Province (~2,200 ha), HCMC (~500 ha) and Dong Nai Province (~500 ha), totaling around 3,200 ha of IP land site area. As of June 2023, SIP’s remaining leasable area was 1,068 ha.

- SIP has also accumulated a large amount of urban area (UA) land in Tay Ninh Province. The company has obtained the land-use rights certificate for 247 ha in the Phuoc Dong UA - Phase A and is processing land clearance for an additional 401 ha in Phase B.

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