Flash note – NTC – No rating

NAM TAN UYEN INDUSTRIAL PARK JSC (NTC VN)

Nam Tan Uyen Industrial Park JSC (NTC) will shift its listing of nearly 24 mn share from UpCOM to HOSE. The first trading day will be 10/28/2025 with a reference price of VND161,470/share, which is 2% lower than its closing price of VND165,000/share on its last trading session on UPCOM on 10/15/2025.
NTC owns 3 industrial parks (IPs) in Tan Uyen and Binh Co Wards, HCMC with a total area of 966 ha, average occupancy rate of 68.7% and remaining net leasable area (NLA) of 227 ha. The first two IPs (Nam Tan Uyen IP and Nam Tan Uyen expansion IP) have nearly fully occupied, thus its new IP – Nam Tan Uyen expansion – Phase 2 with a total area of 346 ha and an occupancy rate of 18.2% is the key income generator. Besides, NTC also has a residential property project – Nam Tan Uyen residential area – with a total area of 51 ha but its contribution to the bottom line is insignificant.
Adding IPs developed by its associates and related parties, NTC would have 16 IPs covering 7,548 ha which has a total remaining NLA of 2,293 ha as of 2Q2025, ranking second in the IP sector behind Becamex IDC (HOSE: BCM) which includes its JV – VSIP. NTC successfully invested in these companies which yielded annual cash dividends of about VND100 bn, accounting for around one-third of NTC’s NPAT. (See Appendix 1 & 2).
In the last five years, NTC recorded stable business results with revenue’s CAGR of 17% and NPAT’s CAGR of 5% given its annual allocation revenue recognition method and stable financial income from savings interest and dividends. In 2025, the company targets to reach revenue of VND793 bn (+116% YoY) and NPAT of VND284 bn (-3% YoY), mainly from recognizing revenue of the Nam Tan Uyen expansion IP – Phase 2 by the one-off accounting method. A decline in NPAT target may reflect its conservative perspective on the US tariff situation which currently affects the Vietnamese industrial property sector. In 1H2025, the company recoded VND277 bn in revenue (+124% YoY) and VND169 bn in NPAT (+29% YoY), completing 35% and 59% of targets, respectively.
The company has relatively good financial status with low debts balance and a net cash position maintaining from its listing on UpCOM till 2023. In 2024, NTC increased its total debts balance by nearly VND2.4 trn mainly used for land use fee’s payment of its new IP project Nam Tan Uyen expansion – Phase 2 which changed its financial position from net cash to net debt. As of 2Q2025, NTC had a total debts balance of VND951 bn, net debt of VND388 bn, Net debt/equity ratio of 30.4% and Net debt/EBITDA of 1.7x compared with industry median of -19.5% and -1.4x, respectively.
Quick comment: NTC has been known for its relatively good IP operation which reflects in its 2 nearly fully-occupied IPs though their average leasing prices are not low compared to other IPs in Binh Duong (USD200/sqm/remaining term). Besides, it has demonstrated good financial investment in other IPs which yields stable annual cash dividends. On the other hand, the US tariffs, cross-ownership among NTC and Vietnam Rubber Group’s members and low free float rate are main concerns for this stock. Given the reference price of VND161,470/share, NTC will be traded at a trailing P/E of 11.7x and P/B of 3.0x, compared with the industry average of 12.5x and 1.5x, respectively.