SZC – Update – Business recovery requires more time
Posted: Aug 22, 2025
- 1H25 revenue and net profit (NP) grew 33%/32% yoy, driven by the recognition of the contract with Tripod Vietnam, fulfilling 64% of our forecast;
- We forecast FY25-26F NP to change -1%/+9% yoy, down 13%/16% vs. previous report, due to weaker land-leasing demand under the new U.S.tariffs and lackluster performance in the residential property segment;
- We maintain a HOLD rating on SZC with an unchanged target price of VND 39.300/share.
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