Company Quarterly Earnings Update – TIP VN – 2021 H1

Summary of the 2021 H1 results of Tin Nghia Industrial Park (TIP VN)

H1/2021 Results: highlights

  • Net revenue increased strongly by 46.1% in H1/2021 to VND 156bn in H1/2021 thanks to strong sales from Thanh Phu residential zone, while sales from other residential projects were comparatively minimal. Meanwhile, service charges from Tam Phuoc IP have provided a stable revenue stream as per normal. The company bore a loss of VND22.7bn from its associated company – Tin Nghia Coffee, within which TIP owns a 31.5% stake. All in all, net profit advanced by 20.6% y/y to VND59.1bn.
  • By the end of H1/2021, TIP maintained a strong balance sheet as the total cash and cash equivalent amounted to VND195bn, accounting for 20.4% while there was no debt.

Other developments

  • There is nothing major to update in terms of ongoing projects for the company since our last June report. The Logistic Center project of 249 hectares is still waiting for approval as the current Covid-19 outbreak has caused more delays.
  • TIP announced its intention to participate in the bidding of in the Long Duc 3 IP with a total area of 253ha. Long Duc 3 IP is located in Long Thanh, Dong Nai province which is the production and logistics hub of southern Vietnam. The company will issue 39 million shares to existing shareholders with an issuing price of VND25,000/share. The issuance is expected to be completed in 2021 at a value of VND975bn, giving the company enough capital to participate in the bidding for Long Duc 3 IP.


  • For 2021 and 2022, TIP will have fewer income sources as: (i) all remaining residential areas currently available will be sold out in 2021; (ii) no revenue from selling commercial lands. We maintain unchanged our last projection. Net profit is expected to advance 3.1% y/y to VND139bn in 2021, but will drop by 68.1% y/y to VND44.5bn in 2022.

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