We initiate coverage on SZC with a BUY rating and a target price of VND45,000/share, implying a projected stock return of 35.7%, inclusive of a 2.9% dividend yield. SZC is one of the leading industrial park (IP) and urban area (UA) developers in Vietnam’s southern coastal Ba Ria-Vung Tau (BR-VT) Province (around 60-85 km from central HCMC). SZC developed the Chau Duc IP with a total site area of 1,556 ha, which was 39% occupied as of end-2020. Additionally, SZC is the developer