{"id":15448,"date":"2022-08-16T15:38:06","date_gmt":"2022-08-16T08:38:06","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=15448"},"modified":"2022-08-16T15:38:06","modified_gmt":"2022-08-16T08:38:06","slug":"gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\/","title":{"rendered":"GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022"},"content":{"rendered":"<p style=\"text-align: center\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">Land price forth pressures on cost of clearance<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">Investment thesis<\/span><\/strong><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">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.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">In Q2 2022, SZC\u2019s 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)<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">BOT 768 will open in Q3 2022 after switching to ETC is approved.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">Risk<\/span><\/strong><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">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.\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-15448","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"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\u2019s revenue was VND 262 billion [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\\\/\",\"name\":\"GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2022-08-16T08:38:06+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\\\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gtht.com.vn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"contentUrl\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"width\":1067,\"height\":1067,\"caption\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\"},\"image\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>","yoast_head_json":{"title":"GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_szc-equity-report_land-price-forth-pressure-on-cost-of-clearance-_aug2022\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_SZC Equity Report_Land price forth pressure on cost of clearance _Aug2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"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. 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