- SZC released its Q4 2022 results with revenue increasing 32% YoY to VND196bn (USD8.2mn) but NPAT-MI plunging 45% YoY to VND38bn (USD1.6mn). The top-line growth was driven by residential land sales recognition, while the weak bottom line was from NPM contracting to 19% in Q4 2022 vs 46% in Q4 2021.

- In 2022, SZC’s revenue increased 20% YoY to VND859bn (USD36mn), but its NPAT-MI plunged 39% YoY to VND197bn (USD8.2mn), representing 61% and 67% of our respective full-year forecasts. 

- The divergence between the YoY changes in revenue and NPAT-MI in 2022 was mainly due to an NPM contraction of 22 ppts YoY to 23% in 2022 vs 45% in 2021. Meanwhile, the gap between our forecasts and actual results was mainly because of lower-than-expected recognition for both IP and residential land sales, which was partially offset by a higher NPM compared to our forecast.  

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