- SZC released its Q2 2023 results with revenue increasing 10% YoY to VND288bn (USD12mn) and NPAT-MI surging 57% YoY to VND96bn (USD4.0mn). The strong NPAT-MI growth was mainly due to a YoY improvement in GPM to 47.8% as a result of the industrial park (IP) segment’s GPM increasing by 17.5 ppts to 53.9%.

-  In H1 2023, SZC’s revenue plunged 35% YoY to VND351bn (USD15mn) and its NPAT-MI decreased by 21% YoY to VND108bn (USD4.6mn), representing 43% and 47% of our full-year forecasts, respectively. We anticipate no significant change to our 2023F NPAT-MI forecast of VND229bn (USD10mn; +16% YoY) as the higher-than-expected gross margin improvement in Q2 2023 is mostly offset by lower-than-expected residential revenue

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