- We upgrade our rating for SZC to BUY from MARKET PERFORM as we increase our target price (TP) for SZC by 5% to VND44,200/share while the share price has declined ~10% in the last three months. 

- Our higher TP is mainly due to (1) a higher valuation for the Chau Duc IP as we revise up our ASP growth projections and 2025-26F IP land sales forecasts, and (2) we roll our TP horizon forward to end-2025 from end-2024. 

- We maintain our 2024F NPAT-MI forecast, and slightly raise our 2025/26F NPAT-MI forecasts by 2%/2% as higher IP revenue is partly offset by lower contributions from the UA segment and toll collection.

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