- 2025-04-29T00:00:00
- Company Research
- IDC released its Q1 2025 results with revenue of VND1.8tn (USD69mn; -27% YoY) and NPAT-MI of VND343bn (USD13mn; -51% YoY), representing 19% and 17% of our respective full-year forecasts. We attribute the YoY declines in Q1 2025 mainly to fewer land handovers. We foresee potential downside risks to our forecasts mainly due to potential headwinds from the recent US reciprocal tariffs announcement, pending a fuller review.
- IDC’s Q1 2025 IP land sales were ~40 ha in contracts/MOUs (see our IDC AGM Note), compared to the company’s guidance of 124 ha and our forecast of 140 ha.
- The IP segment recorded Q1 2025 revenue of VND589bn (USD23mn; -55% YoY), contributing 33% of IDC’s total revenue. We estimate IP cash inflows at VND744bn (USD29mn; -35% YoY), achieving 17% of our full-year forecast. The segment’s GPM dropped 8.4 ppts YoY to 55.4% in Q1 2025, which we attribute largely to a greater revenue contribution from lower-margin projects such as Huu Thanh, Cau Nghin, and Que Vo IPs, compared to the higher-margin Phu My 2 and Phu My 2 Expansion IPs.
- Residential revenue was VND182bn in Q1 2025 (USD7mn; -35% YoY), primarily driven by scheduled handovers of unbilled backlog at the Bac Chau Giang UA project in Ha Nam.
IDC’s Q1 2025 results
VND bn | Q1 | Q1 | YoY | 2025F | Q1 as % |
Net revenue | 2,467 | 1,793 | -27% | 9,457 | 19% |
| 1,308 | 589 | -55% | 4,474 | 13% |
| 688 | 816 | 19% | 3,655 | 22% |
| 281 | 182 | -35% | 326 | 56% |
| 190 | 207 | 9% | 1,002 | 21% |
Gross profit | 1,098 | 551 | -50% | 3,422 | 16% |
SG&A expenses | -93 | -102 | 10% | -421 | 24% |
EBIT | 1,005 | 449 | -55% | 3,002 | 15% |
Financial income | 31 | 65 | 110% | 208 | 31% |
Financial expense | -35 | -39 | 12% | -148 | 26% |
Net income from affiliates | 0 | 0 | N.M. | 0 | N.M. |
Net other income | -2 | 45 | N.M. | 20 | 221% |
PBT | 999 | 521 | -48% | 3,082 | 17% |
NPAT | 797 | 417 | -48% | 2,466 | 17% |
NPAT-MI | 695 | 343 | -51% | 2,071 | 17% |
|
|
|
|
|
|
GPM | 44.5% | 30.7% |
| 36.2% |
|
| 63.8% | 55.4% |
| 58.4% |
|
| 5.1% | 8.6% |
| 10.0% |
|
| 61.6% | 54.1% |
| 57.6% |
|
OPM | 40.7% | 25.0% |
| 31.7% |
|
NPM | 28.2% | 19.1% |
| 21.9% |
|
Source: IDC, Vietcap forecasts (last updated March 18, 2025)
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