According to the business analysis report of MBS Securities, in the period 2024 - 2027, PC1 Group Joint Stock Company (stock code: PC1) is expected to record revenue from two 150ha Yen Phong IIA industrial parks. in Bac Ninh and the 70-hectare Yen Lenh industrial park in Ha Nam.
These are both key industrial centers in the North, attracting many domestic and FDI businesses. According to Savills, industrial park rental prices in Bac Ninh have increased sharply by 48% over the same period and 45% over the same period in the Hung Yen area in 2023.
Therefore, MBS Securities assesses that, with the occupancy rate always maintained at a high level, supply lower than actual demand, and investors increasingly improving standards and service quality, prices have been pushed up. in the area increased sharply.
Currently, Yen Phong IIA is accepting deposits with rental prices reaching 158 - 160 USD/m2/rental period. MBS assumes that this project can be handed over and absorbed by 60% and 40% respectively in 2024 - 2025 and bring in 3.256 billion VND in revenue.
On the other hand, Yen Lenh industrial park will start handing over from 2025, bringing in 1.037 billion VND in 2025 - 2026. The report estimates that both projects will contribute 2 billion VND and 172 billion VND, respectively, to joint venture profits. PC82's association in the period 1 - 2024, distributed mainly in the two years 2026 - 2024
For NHIZ industrial park, the investment will bring a stable revenue stream in 2024 - 2025 reaching VND 649 billion and VND 655 billion, respectively, net profit reaching VND 72 billion and VND 73 billion from providing services. and sell electricity to tenants.
In addition, PC1 is preparing to invest in NHIZ industrial park - phase 2, 200 hectares wide with expected 100% ownership. Currently, the enterprise is actively implementing the licensing stage and will have full investment certification as early as 2024 to proceed with site clearance and construction work. This will be PC1's long-term potential and will be updated in the valuation model when new information becomes available.
Regarding the electricity segment, MBS Securities expects improvement from the second half of 2024. Accordingly, output will improve in the second half of 2024, which is also the rainy season in the area where PC1's hydropower is located.
Hydropower output is expected to reach 2024 million kWh in 2025 - 475, up 18% and 557 million kWh, up 17% over the same period, respectively, forecast according to the average output of the past 3 years.
Meanwhile, nickel ore mining is expected to move sideways in the medium term. Looking to 2024 - 2025, it is expected that the refined ore output will reach 35 thousand tons per year, an increase of 33% compared to 2023 when the plant operates at maximum capacity, bringing in revenue of VND 1.134 billion and VND 1.138 billion, respectively. copper.
