We highly value the long-term potential of SZC: i) the overall prospects in Ba Ria - Vung Tau remain very large, with many key national projects currently underway or about to be implemented; ii) a large land bank for industrial park development with increasingly higher rental prices; and iii) a large urban area land bank with low acquisition costs. BVSC recommends OUTPERFORM for SZC with a target price of VND 50,073/share, corresponding to an upside potential of +18.5% compared to the closing price on January 22, 2025.

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Please find the attached file below.