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SIP reported positive 2025 business results which were in line with ACBS’s projections. We maintain our 2026 forecast but adjust our end-of-2026 target price down by 6% to VND 72,500/share due to slower-than-expected leasing progress in the second half of 2025 and a decrease in net cash in 4Q2025. We change our recommendation from Buy to Outperform as the share price has increased by 13% since the updated report on November 4, 2025.
SIP reported positive business results in 2025 with revenue reaching VND8,606 bn (+10% YoY) and NPAT reaching VND1,502 bn (+17% YoY), equivalent to 98% and 106% of our projections, respectively. Growth mainly came from: (1) stable electricity and water supply segment, (2) annual allocation of industrial park (IP) rental revenue, (3) handover of townhouses at Phuoc Dong New City – Phase 2 project and (4) financial revenue increased by 29% YoY, to VND803 bn.
Electricity and water supply segment: Revenue in 2025 increased by 6.8% YoY, to VND6,993 bn, mainly thanks to an 8.3% YoY increase in the average electricity price distributed in IPs. The electricity output distributed in the IP decreased slightly by 1.6% YoY to 3,295 mn kWh, which may reflect the situation of some businesses scaling back production due to the impact of tariffs. Gross profit margin (GPM) in 2025 reached 7.8% compared to 8.4% in 2024 due to a decrease in GPM in 4Q2025 to 5.8% from 9.2% in 4Q2024, although GPM in the first nine months of 2025 reached 8.5%.
IP segment: Revenue in 2025 grew by 10% YoY, to VND428 bn with GPM remaining stable at around 69%. SIP did not sign any new lease contracts in the second half of 2025, so nearly 29 hectares were leased for the whole year, completing 64% of the plan and 60% of the projection. IP rental rates remained stable compared to the end of 2024.
Real estate segment: In 2025, SIP launched over 200 townhouses at the Phuoc Dong New City – Phase 2 project with a high absorption rate and recorded revenue of VND220 bn from this project with a GPM of 61%.
Overall, the outlook for the industrial park segment is improving as the Government is urgently finalizing and issuing a Resolution on the development of the foreign-invested economy and promoting and attracting of large-scale, high-tech FDI projects such as semiconductors, artificial intelligence, and digital technology.
We maintain our 2026 forecast with estimated revenue of VND9,239 bn (+7% YoY) and estimated NPAT of VND1,592 bn (+6% YoY). However, we adjust our end-of-2026 target price down by 6% to VND72,500 per share due to slower-than-expected IP leasing progress in 2H2025 and a decrease in net cash of VND231 bn in 4Q2025. We change our recommendation from Buy to Outperform as the share price has increased by 13% since our update report on November 4, 2025.
