• We attended SIP’s annual general meeting (AGM) on April 25.
• Shareholders approved 2025G guidance with revenue of VND5.7tn (USD218mn; -28% YoY) and NPAT of VND833bn (USD32mn; -35% YoY). SIP’s 2025G NPAT guidance is equivalent to 53% of our forecast. We note that SIP tends to set conservative guidance as SIP’s actual NPAT completed 175%/151%/137%/161% of its 2021/22/23/24 respective guidance.  
• SIP guides for 2025G IP land sales of 45 ha (compared to 74.5 ha in 2024 and our forecast of 55 ha), among which are 30 ha at the Phuoc Dong IP, 5 ha at the Dong Nam IP, 5 ha at the Le Minh Xuan 3 IP, and 5 ha at the Loc An – Binh Son IP.  
• SIP announced its preliminary consolidated Q1 2025 results with revenue of VND1.9tn (USD73mn; +4% YoY) and NPAT of VND402bn (USD15mn; +56% YoY), completing 23% and 25% of our respective 2025F forecasts. 
• Shareholders approved (1) FY2024 dividends including VND1,700/share in cash (VND1,000/share was paid in December 2024) and a 15% stock dividend, and (2) a FY2025 dividend of at least 10% on par in cash and/or stock.  
• We foresee potential downside risks to our forecasts for SIP following the recent US reciprocal tariff announcement, pending a fuller review. 

Recurring income to provide a buffer against the potential tariff impact: SIP remains confident in maintaining its relatively stable profits and resilient cash flow, with strong contributions from the utilities segment helping to offset potential tariff impacts. Furthermore, SIP’s survey of selected tenants, mostly multinational companies, indicates that US export exposure accounts for around 10–20% of these companies’ revenue, suggesting limited vulnerability to  tariff-related risks.

Management observes continued client interest: Management is confident in meeting 2025G IP land sales guidance of 45 ha (already revised down from 55 ha initially), citing continued client interest. Per the company, while some clients initially delayed lease agreements following the US tariff announcement in early April, they later resumed negotiations and signed contracts. This suggests that tariff-related impacts are likely to be manageable, given the company's business model and customer profile.

SIP has mostly cleared Phuoc Dong Phase 3 IP. Management shared that the company disbursed ~VND1.9tn (USD73mn) in land compensation advances for the Phuoc Dong Phase 3 IP (568 ha of total site area; Tay Ninh Province), equivalent to ~87% of total required compensation. Following the completion for the Phuoc Dong Phase 3 land compensation, most of SIP’s land bank will be cleared and ready for leasing.

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