CTD is returning to its growth trajectory and is set to surpass the revenue peak of 2017–2018

Robust contract wins and backlog expansion strengthen long-term outlook

In FY2025, Coteccons recorded contract wins worth over VND 29,100 billion, up approximately 32% YoY and exceeding the target set at the 2024 Annual General Meeting of Shareholders. This figure lifted CTD’s total backlog to more than VND 35 trillion, the highest level ever, providing solid growth visibility for the coming year.

Growth drivers are multi-faceted: the residential property market continues its recovery, with supply expected to improve further during late 2025–2026F. Meanwhile, FDI inflows into Vietnam remain on an upward trend, and easing reciprocal tariffs signal promising prospects for the industrial construction segment. The infrastructure segment strategy is reaffirmed by securing subsequent large-scale projects (including two packages at Long Thanh Airport).

The balance sheet remains healthy with low leverage. Profit margins improved despite rising construction cost pressures, supported by extensive management and execution experience. The integration of Sinh Nam and UGVN into the ecosystem also contributed to these achievements.

Recommendation

Following a period of internal restructuring and headwinds in the property cycle, Coteccons’ business momentum has gradually been reactivated during 2024–2025. We therefore expect Coteccons to soon regain the record revenue levels seen in 2017–2018.

We value CTD at VND 106,000 per share and assign a “BUY” recommendation, offering an expected return of 29.5% versus the closing price on September 19, 2025.