SZC [OUTPERFORM +12.6%] - Solid growth outlook; pre-funding for UA project to begin

- We downgrade our rating for SZC to OUTPERFORM from BUY while raising our target price (TP) by 17% to VND52,500/share, implying a total projected return of 12.6%, inclusive of a dividend yield of 2.1%. SZC’s share price has surged 40% over the last three months