- 2024-05-02T00:00:00
- Company Research
- SIP announced its Q1 2024 results with revenue of VND1.8tn (USD73mn; +31% YoY) and NPAT-MI of VN246bn (USD10mn; +48% YoY), fulfilling 26% and 27% of our respective full-year forecasts. We anticipate no significant changes to our 2024F NPAT-MI forecast of VND915bn (USD37mn; flat YoY).
- The YoY increase in revenue and profit in Q1 2024 was mainly due to a YoY increase in revenue and gross margin of the utilities for IPs segment as manufacturing activities in SIP’s IPs recover/expand while electricity prices rise.
- Financial income declined 33% YoY in Q1 2024, primarily due to a 45% YoY decrease in interest income which we mainly attribute to declining interest rates.
- Cash inflows from IP land sales surged to VND770bn in Q1 2024 (USD31mn; completing 77% of our full-year forecast) vs VND626bn (USD25mn) in full-year 2023. This positive cash inflow was mainly driven by IP land handovers to SEA Logistics Partners (SLP) in Q1 2024 in the Loc An Binh Son IP for a land plot of around 16 ha. We currently project 2024F IP land sales at 50 ha (compared to 2023 land sales of ~19 ha).
- Cash and cash equivalents at end-Q1 2024 was VND4.6tn (USD186mn; +29% YoY and +21% QoQ) while loans receivables (mostly to VCBS & CTS; both of which are brokerage houses owned by state-owned banks) stood at VND1.4tn (USD54mn; -17% YoY and +7% QoQ).
SIP’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 2024 as % of 2024F |
Net revenue | 1,394 | 1,826 | 31% | 6,926 | 26% |
Industrial Park (IP) | 92 | 94 | 3% | 386 | 24% |
Utilities for IP | 1,232 | 1,615 | 31% | 6,148 | 26% |
Residential | 0 | 0 | N.M. | 74 | N.M. |
Others | 70 | 117 | 66% | 319 | 37% |
Gross profit | 233 | 272 | 17% | 1,021 | 27% |
SG&A expenses | -26 | -25 | -1% | -126 | 20% |
EBIT | 208 | 247 | 19% | 896 | 28% |
Financial income | 97 | 65 | -33% | 320 | 20% |
Financial expense | -102 | -16 | -84% | -92 | 18% |
Net income from affiliates | 20 | 16 | -17% | 109 | 15% |
Net other income | 7 | 4 | -37% | 8 | 52% |
PBT | 229 | 316 | 38% | 1,240 | 26% |
NPAT-MI | 166 | 246 | 48% | 915 | 27% |
| |||||
GPM | 16.7% | 14.9% | 14.7% | ||
Industrial Park (IP) | 69.0% | 72.4% | 66.3% | ||
Utility services for IP | 13.5% | 12.0% | 10.9% | ||
OPM | 14.9% | 13.5% | 12.9% | ||
NPM | 11.9% | 13.5% | 13.2% |
Source: SIP, Vietcap forecast (last updated March 15, 2024)
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