Company Insight

Update coverage with BUY call and target price of VND 45,400

Sonadezi Chau Duc JSC (SZC) is one of the key developers of industrial parks and real estate projects in Chau Duc District, Ba Ria – Vung Tau Province. The company owns a large land bank with a total area of 2,287 ha, allocated for the development of an industrial park (IP), urban area (UA), and golf course. SZC recorded a slight increase in business performance in 9M2025, with most revenue concentrated in Q1/2025, thanks to previously signed MOU contracts. Its operations were affected in Q2–Q3/2025 due to uncertainties related to tariff issues. We expect business conditions to gradually improve following Vietnam’s establishment of a new trade framework agreement with the U.S. Based on the RNAV valuation method, we estimate SZC’s fair value at VND 45,400.