The stock market is unpredictable.
Nam Tan Uyen Industrial Park Joint Stock Company has been planning to change floors since 2022, but so far, it has not been able to do so. The company continues to plan to change floors in 2025 - 2026.
In the latest move, in mid-June 2025, under the advice of Vietcombank Securities Company, Nam Tan Uyen submitted a dossier to transfer all nearly 24 million shares to the Ho Chi Minh City Stock Exchange (HoSE). This is considered a move of the enterprise's determination to transfer the floor in the near future.
According to custom, it takes about 3-6 months from the time a business submits its application to being officially listed, so Nam Tan Uyen can officially trade on HoSE by the end of 2025.
In fact, although the VN-Index is trading around 1,350 points - a high price range for many years, investor sentiment and foreign cash flow are still cautious. In particular, from the beginning of the year to June 24, 2025, foreign investors have withdrawn a net VND 40,021.1 billion on the HoSE and the net withdrawal trend continues due to geopolitical instability, as well as the reciprocal tax that the US may impose on many countries, leading to unpredictable developments in the financial market.
Furthermore, if in previous years, industrial real estate was considered a relatively safe sector thanks to steady cash flow from leasing and the trend of foreign investors in Vietnam continuously increasing, then after the US announced the corresponding tax rate, the industrial real estate group became the focus of strong selling on the stock exchange from the beginning of April 2025. Recently, the market has recovered, but most of the large stocks in the industrial real estate industry still decreased sharply compared to the price range before the sell-off.
Also related to divestment, the industrial real estate "boss" - Industrial Investment and Development Corporation - JSC (Becamex IDC, code BCM) had to postpone the auction of 300 million shares on HoSE in the second half of April 2025, when the shares on the floor continuously plummeted, even trading below the expected starting price of VND 69,600/share.
Thus, Nam Tan Uyen plans to change floors at a difficult time for the stock market in general and the industrial real estate industry in particular. Currently, many investors are delaying new investment/expansion plans, continuing to observe and wait for external factors before deciding to invest.
New project just started exploitation
Nam Tan Uyen was established in 2004, with the purpose of developing the Nam Tan Uyen Industrial Park Project. Up to now, the Company has achieved a 100% occupancy rate for the Nam Tan Uyen Industrial Park (scale of 331.98 ha), 100% occupancy of the Nam Tan Uyen Expansion Industrial Park (scale of 288.52 ha). From 2016 to present, the Company has implemented the Nam Tan Uyen Expansion Industrial Park Project - Phase II, with a scale of 345.86 ha. This is a key project to create the next growth momentum for Nam Tan Uyen.
The Nam Tan Uyen Industrial Park Expansion Project - Phase II has started accounting for land rental revenue from the fourth quarter of 2024. In 2025, the Company plans to sublease 75 hectares of industrial land in this project.
In the first quarter of 2025 alone, revenue increased by 137% over the same period, equivalent to an increase of VND 77.4 billion, to VND 134.1 billion; profit after tax increased by 10.3%, to VND 86.3 billion. In which, revenue increased mainly thanks to the contribution of investment real estate, but due to high pressure on cost of goods sold and shortfall in deposit interest, profit after tax only increased slightly.
Regarding the business plan, in 2025, the Company said it will invest in building infrastructure at the Nam Tan Uyen Industrial Park Expansion Project - Phase II to serve investors leasing land; at the same time, support and grant investment certificates to businesses that have signed contracts at this project.
The Nam Tan Uyen Industrial Park Expansion Project - Phase II has a total investment of VND 871.95 billion. The project has completed initial steps of consulting, surveying and designing, implementing compensation and site clearance, and has been decided to allocate land in the first phase with a scale of 344.34 hectares. It is being leveled, starting construction and handing over to some customers.
At the end of the first quarter of 2025, the amount of prepayment from tenants at the Nam Tan Uyen Industrial Park Expansion Project - Phase II was only VND 106.79 billion, very small compared to the total investment capital of this project (VND 871.95 billion).
Thus, the Nam Tan Uyen Industrial Park Expansion Project - Phase II is in the initial stage of land search and leasing, the number of customers booking in advance is very low. Changing the floor when the industry outlook faces many challenges and the Company is having to attract customers to lease land for the new project is a big challenge to ensure the Company's growth in the coming time.
Source: https://baodautu.vn/nam-tan-uyen-chuyen-san-khi-thi-truong-kho-khan-d315727.html
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