- 2025-01-24T00:00:00
- Company Research
- IDC released its Q4 2024 results with revenue of VND2.0tn (USD77mn; -13% YoY and -14% QoQ) and NPAT-MI of VND358bn (USD14mn; -35% YoY and -30% QoQ). We attribute the QoQ decline mainly to fewer land handovers.
- In 2024, IDC’s revenue grew 22% YoY to VND8.8tn (USD347mn), while NPAT-MI surged 43% YoY to VND2.0tn (USD78mn), achieving 98% and 99% of our full-year forecasts, respectively. We anticipate minimal adjustments to our 2025 forecasts, pending further review.
- The IP segment’s revenue rose 21% YoY to VND4.0tn (USD156mn) in 2024, accounting for 45% of total revenue. We estimate IP cash inflows at VND4.5tn (USD176mn; +39% YoY), fulfilling 97% of our forecast. The segment’s GPM improved by 8.7 ppts YoY to 60.9%, mainly due to higher YoY ASP.
- The utilities segment’s revenue increased by 15% YoY in 2024, which we attribute to (1) a YoY increase in energy consumption of IP tenants as production activities recover, and (2) YoY increases in electricity prices. However, GPM for the segment declined by 2.8 ppts YoY to 9.4%, primarily due to lower hydropower contributions caused by adverse weather conditions.
- IDC has not yet provided detailed results on IP land sales and handovers for Q4 2024. We currently forecast IDC’s IP land sales to decline 45% YoY to 94 ha in 2024F (of which, 65 ha were in 9M 2024), but to recover to 140 ha in 2025F.
IDC’s 2024 results
VND bn | Q4 | Q4 | YoY | 2023 | 2024 | YoY | 2024F | 2024 as % of 2024F |
Net revenue | 2,239 | 1,955 | -13% | 7,237 | 8,846 | 22% | 8,984 | 98% |
- Industrial park (IP) | 1,069 | 626 | -41% | 3,298 | 3,988 | 21% | 4,338 | 92% |
- Energy | 854 | 1,012 | 18% | 2,924 | 3,373 | 15% | 3,137 | 108% |
- Real estate | 30 | 41 | 40% | 103 | 532 | 5.2x | 603 | 88% |
- Other services | 287 | 276 | -4% | 913 | 954 | 5% | 906 | 105% |
Gross profit | 822 | 636 | -23% | 2,423 | 3,337 | 38% | 3,383 | 99% |
SG&A expenses | -110 | -125 | 14% | -362 | -398 | 10% | -386 | 103% |
EBIT | 712 | 510 | -28% | 2,061 | 2,939 | 43% | 2,996 | 98% |
Financial income | 89 | 53 | -40% | 221 | 168 | -24% | 161 | 104% |
Financial expense | -41 | -32 | -23% | -189 | -136 | -28% | -147 | 93% |
Net income from affiliates | 1 | 0 | N.M. | 1 | 1 | -9% | 0 | N.M. |
Net other income | -1 | 8 | N.M. | -38 | 20 | N.M. | 12 | 165% |
PBT | 760 | 540 | -29% | 2,057 | 2,993 | 46% | 3,022 | 99% |
NPAT | 624 | 438 | -30% | 1,656 | 2,393 | 45% | 2,418 | 99% |
NPAT-MI | 551 | 358 | -35% | 1,394 | 1,996 | 43% | 2,019 | 99% |
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GPM | 36.7% | 32.5% |
| 33.5% | 37.7% |
| 37.7% |
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- Industrial park (IP) | 55.3% | 64.4% |
| 52.3% | 60.9% |
| 59.0% |
|
- Energy | 15.8% | 15.1% |
| 12.2% | 9.4% |
| 7.2% |
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- Real estate | 80.1% | 82.0% |
| 71.5% | 71.4% |
| 62.9% |
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OPM | 31.8% | 26.1% |
| 28.5% | 33.2% |
| 33.4% |
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NPM | 24.6% | 18.3% |
| 19.3% | 22.6% |
| 22.5% |
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Source: IDC, Vietcap forecasts (last updated November 21, 2024)
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