Company Insight

Update coverage with BUY call and target price of VND 54,100

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. Business results in 9M2025 recorded a slight decline YoY as IDC’s land handover activities slowed down in Q2/2025 amid uncertainties related to tariff policies. However, handovers started to recover in Q3/2025 thanks to the existing MOUs and clearer U.S. tariff policies by country. We expect the situation to gradually improve in Q4/2025 and 2026, supported by a large area of land ready for lease and recovering demand. We update our target price for IDC at VND 54,100, implying an upside of 38%. Our valuation is based on the RNAV method.