Company Insight

Initiate coverage with BUY call and target price of VND 51,500

IDC Corporation (IDC), formerly known as the Vietnam Urban and Industrial Zone Development Investment Corporation, was established in 2000. IDC operates primarily in industrial park (IP) real estate, residential and commercial real estate, energy, and other related services. With foreign direct investment (FDI) inflows expected to remain robust, demand for industrial land leasing is projected to continue its upward trend in the coming years. With more than 700 hectares of industrial park land licensed in 2025, bringing the total available area for lease to more than 1,400 hectares, we expect IDC's business results to grow strongly in 2026. We initiate coverage on IDC with a target price of VND 51,500, implying an upside potential of 35%. Our valuation is based on the RNAV methodology.