- 2024-07-30T00:00:00
- Company Research
- SIP released its Q2 2024 results with revenue of VND1.9tn (USD76mn; +6% QoQ and +17% YoY) and NPAT-MI of VND298bn (USD12mn; +21% QoQ and +16% YoY). Bottom-line growth was mainly driven by (1) YoY higher revenue for the utilities segment, (2) GPM improvement for the IP leasing and utilities segments, and (3) an increase in financial income.
- H1 2024’s NPAT-MI increased 29% YoY to VND544bn (USD21mn), fulfilling 59% of our full-year forecast. We foresee slight upside potential to our 2024F NPAT-MI forecast due to H1 2024’s higher-than-expected net financial income, pending a fuller review.
- The IP segment’s revenue in H1 2024 was flat YoY as SIP purely applies the allocation method for revenue recognition of IP land sales.
- We estimate that IP cash inflow in H1 2024 was VND785bn (USD31mn; +62% YoY), completing 79% of our full-year forecast. YTD, we estimate that SIP recorded IP land sales of around 30 ha (compared to our 2024F IP land sales of 50 ha), including the 16-ha contract to SLP in the Loc An - Binh Son IP (Dong Nai; 498 ha of total site area).
- Utilities for the IP segment’s gross profit in H1 2024 increased 19% YoY to VND354bn (USD19mn), fulfilling 53% of our full-year forecast and is broadly in line with our expectation.
- Cash and cash equivalents at end-Q2 2024 were VND4.1tn (USD161mn; +7% YTD and -12% QoQ) while loans receivables stood at VND1.5tn (USD59mn; +18% YTD and +10% QoQ).
SIP’s H1 2024 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | 2024F | H1 as % of 2024F |
2023 | 2024 | 2023 | 2024 | |||||
Net revenue | 1,663 | 1,937 | 17% | 3,057 | 3,763 | 23% | 6,926 | 54% |
- Industrial park (IP) | 100 | 95 | -5% | 192 | 190 | -1% | 386 | 49% |
- Utilities for IP | 1,505 | 1,736 | 15% | 2,738 | 3,352 | 22% | 6,148 | 55% |
- Residential | 0 | 0 | N.M. | 0 | 0 | N.M. | 74 | N.M. |
- Others | 58 | 106 | 83% | 128 | 222 | 74% | 319 | 70% |
Gross profit | 187 | 244 | 31% | 421 | 516 | 23% | 1,021 | 51% |
SG&A expenses | -26 | -27 | 4% | -52 | -53 | 2% | -126 | 42% |
EBIT | 160 | 217 | 35% | 369 | 464 | 26% | 896 | 52% |
Financial income | 150 | 191 | 28% | 246 | 257 | 4% | 320 | 80% |
Financial expense | 51 | -18 | N.M. | -51 | -35 | -32% | -92 | 38% |
Net income from affiliates | 19 | 20 | 3% | 39 | 36 | -7% | 109 | 33% |
Net other income | -4 | 2 | N.M. | 3 | 6 | 86% | 8 | 72% |
PBT | 377 | 411 | 9% | 606 | 728 | 20% | 1,240 | 59% |
NPAT-MI | 257 | 298 | 16% | 423 | 544 | 29% | 915 | 59% |
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GPM | 11.2% | 12.6% |
| 13.8% | 13.7% |
| 14.7% |
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- Industrial park (IP) | 48.9% | 65.7% |
| 58.5% | 69.0% |
| 66.3% |
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- Utility services for IP | 8.8% | 9.2% |
| 10.9% | 10.6% |
| 10.9% |
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OPM | 9.7% | 11.2% |
| 12.1% | 12.3% |
| 12.9% |
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NPM | 15.4% | 15.4% |
| 13.8% | 14.5% |
| 13.2% |
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Source: SIP, Vietcap forecast (last updated March 15, 2024)
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