GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022

Research Center

GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022

16/08/2022

Land price forth pressures on cost of clearance

Investment thesis

Average selling industrial land price in BR-VT continue to increase 20% YoY to $78- $90/sqm. And we expect land price will increase 5%/year on average. Current absorption rate is 48.4%, saleable area is about 530 ha.
In Q2 2022, SZC’s revenue was VND 262 billion (+17% y-o-y) while gross profit was VND 92.3 billion (-38% y-o-y). NPAT was VND 61 billion (-44% y-o-y)
BOT 768 will open in Q3 2022 after switching to ETC is approved.

Risk

SZC carries VND 1,725 billion of long-term debt and VND 480 billion of short-term debt, payable of VND 270 billion, which mostly use for land clearance and construction.

Danh sách báo cáo liên quan

(EN) GTHTVN RS VNM Equity Report _Defensive Stock with an Attractive Dividend Yield _TP59,000_Oct 13,2026

13/10/2026

(EN) GTHTVN RS VNM Equity Report _Defensive Stock with an Attractive Dividend Yield _TP59,000_Oct 13,2026 BUSINESS UPDATES According to VNM’s 1H26 business...

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN

02/10/2026

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN (1) Vietnam Industrial Real Estate: 1H2026 Bright Spots and Strategic...

GTHTSVN_Research_Securities_Sector_Ahead_of_Market_Upgrade_EN

26/08/2026

The 2025-2026 period continues to mark a strong transformation for Vietnam’s securities sector, with simultaneous expansion in capital base, client base...

Contact

Stock index

Trade now

EN

VI

CN

Research Center