Company Insight

Update coverage with BUY call and target price of VND 42,900

Sonadezi Chau Duc JSC (SZC) is among the enterprises developing industrial park and real estate projects in Chau Duc District, Ba Ria – Vung Tau. Sonadezi Chau Duc owns a large land bank with a total area of 2,287 ha for the development of industrial parks (IP), urban areas, and a golf course. Sonadezi Chau Duc recorded a recovery in business performance in Q4/2025 as tariff conditions gradually stabilized. Entering 2026, we expect the IP land leasing area to be comparable to 2025, reflecting a balance between supportive drivers and potential risks facing the company. The completion of Long Thanh International Airport is expected to create a spillover effect, thereby increasing the attractiveness in the region. However, tariff uncertainties and geopolitical risks will remain obstacles for SZC. Based on the RNAV method, we value SZC at VND 42,900.