- We raise our target price for SIP by 25% to VND104,000/share but downgrade our rating to OUTPERFORM from BUY as SIP’s share price has increased by 47% YTD. 

- Our higher target price is primarily a result of (1) a 12% higher valuation for the IP segment due to a decrease in estimated capex compared to our previous projection, and (2) the removal of a 15% discount to our estimated RNAV for SIP.

- For 2024F, we forecast NPAT-MI at VND915bn (USD38mn), down 4% YoY. This YoY reduction is mainly due to an expected decline in non-core financial income. However, we anticipate 10% growth in gross profit, driven by a surge in IP land sales (50 ha vs ~21 ha in 2023) and higher contributions from RBFs and the solar panels segments.

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