Individual Clients
Corporate Clients
NTC held its 2026 Annual Shareholders’ Meeting with the following highlights:
– 2026 Plan: Total revenue of VND 546 bn (-37% YoY) and pre-tax profit of VND 273 bn (-29% YoY). Due to the application of Circular 99, revenue from industrial park leasing is gradually allocated over time instead of being recorded as a lump sum as before. Thus, 2026 targets are lower than 2025 results.
– 1H2026 Preliminary business results: Estimated revenue of VND 266 bn, achieving 49% of the plan and pre-tax profit of VND 168 bn, achieving 62% of the plan.
– Nam Tan Uyen 3 Industrial Park (NTC3): According to new regulations, the industrial park developer must complete all infrastructure before being allowed to lease land. Therefore, from the beginning of the year until now, the progress of signing officially leasing land contracts has only reached 6 hectares. However, the company has signed MOUs with customers for more than 20 hectares. It is expected that by July or August, after the infrastructure is fully completed and environmental inspections are finalized, the company will proceed with signing the official contracts. The total investment for NTC3’s infrastructure is estimated at VND 871 bn.
– The current land lease price for NTC3 is approximately USD185/sqm/remaining leasing term.
– Factory/warehouse rental prices (NTC1 & NTC2): Ranging from USD3.6 to 4.4/sqm/month.
– NTC3’s competitive advantage: Despite facing significant competition due to investors hesitating following global geopolitical changes, NTC3 still has a major advantage thanks to its prime geographical location, situated close to major transportation routes connecting directly to seaports and logistics hubs.
Quick comment: Due to the impact of Circular 99, which changed the accounting method for industrial park land lease revenue from a one-time recognition to annual allocation, we adjust our 2026 revenue forecast down by 60% to VND 515 bn (-28% YoY) and our net profit forecast down by 47% to VND 335 bn (+4% YoY). The target price is adjusted down by 35% to VND 147,400 per share, and our recommendation is changed from Buy to Outperform.
