Company Insight

Update coverage with BUY call and target price of VND 44,100

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 services. FY2025 business results recorded a slight decline amid tariff concerns and geopolitical uncertainties. With the outlook for FDI inflows remaining positive and the area of IP land available for lease increasing significantly YoY, we expect IDC to maintain stable growth in the future. We update our valuation for IDC shares at a target price of VND 44,100, implying an upside of 37%. We use the RNAV valuation method to value IDC.