Company Insight

Sonadezi Chau Duc Joint Stock Company (SZC) is a key player in developing industrial parks and real estate in Chau Duc district, Ba Ria - Vung Tau province. SZC holds a substantial land reserve, totaling 2,287 hectares, designated for industrial parks, residential areas, and golf courses. Given the robust growth outlook for foreign direct investment (FDI) in Ba Ria - Vung Tau, demand for industrial park leasing is expected to remain strong. Furthermore, 2025 is anticipated to be a pivotal year for SZC, with substantial revenue contributions projected from its urban areas, golf courses, and BOT 768 projects. We initially valued SZC shares at VND 49,800, corresponding to an upside of 23%. We use the RNAV valuation method to value SZC.