Company Insight

Update coverage with BUY call and target price of VND 52,700

IDICO Corporation (IDC), formerly known as Vietnam Urban and Industrial Zone Development Investment Corporation, was established in 2000. IDC primarily operates in industrial park (IP) real estate, residential and commercial real estate, energy, and other supporting services. FY2025 earnings recorded a slight decline amid tariff pressures and geopolitical uncertainties. As we move into 2026, IDC is expected to maintain steady growth, supported by the continued positive outlook for FDI inflows and a significant increase in industrial land available for lease compared to the same period last year. We derive an updated target price of VND 52,700 per share for IDC, implying an expected return of 24%. Our valuation is based on the Revalued Net Asset Value (RNAV) methodology.