Company Insight

Sonadezi Chau Duc Joint Stock Company (SZC) is a key developer of industrial park and real estate projects in Chau Duc district, Ba Ria - Vung Tau province, with 2,287-hectare land bank for industrial parks, urban areas, and golf courses. In 2024, SZC delivered solid business performance, driven by expanded leased area and higher rental rates. In 2025, despite potential pressure from the trade war, revenue is expected to remain resilient due to continued rental price growth and contributions from the Huu Phuoc Residential Area and BOT 768 projects. We update our valuation for SZC at VND 48,100 per share, implying a 5% return, using the RNAV methodology.