IJC Flash note – NOT RATED

Becamex Infrastructure Development JSC (IJC VN)

1. 2026 Business Plan: IJC has set a cautious business plan for 2026, targeting consolidated revenue of VND2,454 bn (+36% YoY) and net profit of VND541 bn (-9% YoY). During the year, the company plans to accelerate project execution in collaboration with Becamex IDC and affiliated entities, including Becamex Binh Phuoc, HCMC–Thu Dau Mot–Chon Thanh Expressway JSC, and HCMC Ring Road 4 JSC.
2. In 2026, IJC plans to invest a total of VND4,400 bn in projects detailed in the report.
3. Dividend Plan: Dividends for 2025 are set at 5% in cash, with disbursement scheduled for 4Q2026.
4. Successful capital increase: In 2025, following the completion of its equity issuance, IJC raised its charter capital from VND3,777 bn to VND6,295 bn, reducing its Net debt/Equity ratio from 21% to -5%, significantly below the industry average of over 34%. The proceeds were allocated to key BOT infrastructure project, equity contributions to Becamex Binh Phuoc Infrastructure Development JSC, and debt repayment, thereby strengthening the company’s balance sheet and funding capacity for future growth.
5. Quick comment: We believe that IJC exhibits considerable growth potential which is supported by its clean land bank of over 56 hectares in Binh Duong (old) and synergies from Becamex IDC (HOSE: BCM) ecosystem. The real estate market in Binh Duong New City is expected to gain further momentum following its planned administrative merger with Ho Chi Minh City and ongoing infrastructure connectivity improvements linking HCMC with neighboring provinces. IJC’s active participation in major infrastructure projects — including National Highway 13 expansion, HCMC Ring Road 4, and the HCMC – Thu Dau Mot – Chon Thanh Expressway — not only creates stable construction work but also increases value of its land bank. Additionally, investments in Becamex Binh Phuoc and new BOT projects will provide steady cash flows and reinforce IJC’s sustainable growth outlook in the coming years.