Equity Report

In 2025, net profit (NP) increased more than fivefold from a low base, driven by a fourfold yoy increase in industrial land handovers;

We expect FY26-27F NP growth of 6%/31% yoy, supported by new policies aimed at attracting investment into high-tech industries, which stimulate demand for industrial parks (IPs), and bulk sales of Trang Cat urban area;