Company Insight

Update coverage with BUY call and target price of VND 33,300

Sonadezi Chau Duc Joint Stock Company (SZC) is one of the developers of industrial park and real estate projects in Chau Duc District, Ba Ria – Vung Tau Province. Sonadezi Chau Duc owns a large land bank with a total area of 2,287 ha for the development of industrial parks (IPs), urban areas and a golf course. SZC’s business performance has been affected by the new accounting policy, although cash flows from its industrial park operations remained highly positive in 1H2026. We expect industrial land lease area in 2026 to remain broadly in line with the previous year at approximately 45 ha, reflecting a balance between supporting catalysts and potential risks facing the company. The commencement of commercial operations at Long Thanh International Airport is expected to generate positive spillover effects, thereby enhancing the area’s attractiveness to investors. However, tariff-related uncertainties and geopolitical risks will remain key headwinds for SZC. Based on the RNAV valuation method, we value SZC at VND 33,300 per share.