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KEY HIGHLIGHTS
Conservative 2026 Business Guidance
· Financial Targets: Revenue target set at over VND 5,940bn (-31% YoY). Net profit after tax guided at over VND 874bn (-40% YoY), marking a 7-year low.
· Dividends: The 2025 cash dividend payout ratio reached 50%. The 2026 dividend is guided at a minimum of 10% (with potential upside pending actual cash flows).
Operational & Land Bank Targets
· Leasing Plan: Targeting 60 hectares of new industrial land absorption, focused primarily on Phuoc Dong Industrial Park (Tay Ninh): 40 ha; Loc An – Binh Son Industrial Park (Dong Nai): 10 ha; Dong Nam Industrial Park and Le Minh Xuan 3 Industrial Park (HCMC): 5 ha each.
· Key Pipeline Projects: At Phuoc Dong IP (Phase 3), the company aims to fully finalize land compensation and site clearance within 2026. At Long Duc IP (Phase 2), management is finalizing compensation pricing and adjusting the 1/2000 master plan, with commercial launch and leasing expected to commence by late 2027.
ANALYST ASSESSMENT
SIP currently demonstrates a highly defensive position backed by a robust balance sheet within the industrial real estate sector. The company’s investment thesis is anchored by a remaining ready-for-lease industrial land bank of over 930 hectares, alongside its utility services segment (electricity and water supply), which generates a resilient and sticky cash flow stream contributing over 80% of total revenue. SIP’s net cash position underpins its capacity to maintain high cash dividend payouts (50% for fiscal year 2025), mitigating the near-term absence of breakthrough land absorption.
Based on the closing price of VND 59,400/share on April 22, 2026, the stock presents an expected upside of 12.3%. Factoring in the projected earnings contraction for 2026 and the escalating compensation cost headwinds at the Long Duc Phase 2 project, we maintain our HOLD rating on SIP for mid- to long-term investment horizons
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