Foreign investors buy $33 mln worth of industrial park developer Idico’s shares since early this year

Foreign investors have net bought IDC shares of Vietnam’s leading industrial park developer Idico to the tune of VND846.9 billion ($33.3 million) since the beginning of this year, according to Vietcap Securities.

The accumulated number since early 2021 is VND3.3 trillion ($129.9 million), which bucks the strong net withdrawal trend seen in the Vietnamese stock market, the broker said.

The group net purchased VND12.5 billion ($492 million) of IDC shares on Tuesday and VND25.2 billion on Monday, despite the benchmark VN-Index’s plunge.

Foreign ownership "room" at Idico is more than 90 million shares, or 27% of its charter capital, at present.

IDC has made impressive gains so far this year after bottoming out in 2023, with the code increasing more than 80% in value.

Idico targets consolidated revenues of VND8,466 billion ($321.43 million) and pre-tax profits of VND2,502 billion ($98.4 million) this year, up 13% and 22% year-on-year, respectively. The company also aims to lease 145 hectares of industrial park land and about 50,000 square meters of workshop area this year.

It has said that it will focus on completing required legal procedures to obtain construction approval for the 470-hectare Tan Phuoc 1 IP in the southern province of Tien Giang, generating fresh development impetus for the coming years.

It is also in the process of completing procedures for industrial park projects in Hai Phong city, Ninh Binh province and other localities to create a land fund of more than 2,000 hectares.

With plans to repeat the dividend plan this year, Idico would pay out a 40% dividend for three consecutive years.

IDC closed Wednesday at VND54,500 ($2.14) per share.