BCM [NOT RATED] - Strategical land reserves to drive multi-year growth trajectory
  • 2025-02-24T00:00:00
  • Company Research

- Becamex IDC (HOSE: BCM) is a prominent domestic developer of industrial parks (IP) in Vietnam with its land bank mainly located in Binh Duong Province, one of Vietnam’s top provinces in terms of FDI attraction. BCM possesses a substantial land bank, comprised of ~950 ha of remaining leasable IP land and ~1,200 ha of a remaining saleable urban area (UA) as of the end of 2024.

- BCM has a significant presence in the industry through its joint ventures/affiliates, including VSIP (largest IP developer in Vietnam with ~11,600 ha land bank; BCM owns 49%), BW Industrial (a leading logistics developer in Vietnam with over 1,000 ha of industrial/logistics land bank; BCM owns 24%), Becamex Binh Phuoc (4,668 ha; BCM owns 40% directly), and Becamex VSIP Binh Dinh (1,374 ha; BCM owns 40%).

- Our 2025/26F NPAT-MI growth forecasts will be fueled by (1) a rebound in Binh Duong’s residential land sales amid infrastructure development, (2) 17%/18% respective increases in affiliate income in 2025/26F driven by profit growth from VSIP and BW Industrial, and (3) sales launches of the Cay Truong IP (700 ha of total site area) and the remaining phase at Bau Bang Expansion IP (320 ha out of 1,000 ha in total site area).

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