1. Vietnam Stocks

  2. •

    Finance

  3. •

    Real estate development
Saigon VRG Investment Corp.

Saigon VRG Investment Corp.

HHOSE:SIP
49,900.00
VND
-100.00
(-0.20%)
12.18TMarket Cap
Dec 02Next Earn
Saigon VRG Investment Corp.
HOSE:SIP
(Ho Chi Minh Stock Exchange)

Recent

price

49,900.00

P/E

ratio

- -

div

yld

2.01%

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
VND
11,989.28
21,145.41
18,405.77
20,198.25
24,574.78
27,767.8
32,221.15
35,505.02
- -
Revenue per Share
808.95
2,898.95
3,714.39
3,025.29
3,979.34
3,854.99
4,833.13
5,463.86
- -
Basic EPS, GAAP
7,870.92
5,301.29
2,249.02
177.3
583.18
-8,709.54
-53.83
7,759.69
7,905.23
Free Cash Flow per Basic Share
381.36
445.02
762.64
890.18
756.68
2,186.68
1,482.31
1,789.74
1,001.84
Dividend per Share
4,269.2
8,007.27
8,416.46
12,115.69
13,495.4
14,834.4
17,924.18
21,281.98
20,013.06
Book Value per Share
3,997.31
7,826.26
8,280.96
12,000.83
13,414.25
14,815.58
17,907.13
21,262.75
19,993.67
Tangible Book Value per Share
270
205
276
276
246
240
242
242
242
Basic Weighted Avg Shares
3,239,457
4,339,741
5,082,583
5,577,559
6,034,523
6,676,517
7,801,157
8,596,226
- -
Sales/Revenue/Turnover
8.32
11.76
13.18
12.24
13.31
12.43
12.56
13.03
- -
Operating Margin (%)
91,738
94,926
218,435
197,412
240,689
339,015
385,354
421,888
- -
Depreciation Expense
218,576
594,962
1,025,695
835,406
977,156
926,897
1,170,163
1,322,872
- -
Net Income, GAAP
22.77
20.22
18.42
18.21
18.92
21.24
18.64
20.2
- -
Effective Tax Rate (%)
6.75
13.71
20.18
14.98
16.19
13.88
15
15.39
- -
Profit Margin (%)
2,385,756
2,374,895
6,400,428
7,498,521
7,077,296
4,876,158
7,773,825
10,236,493
10,592,804
Working Capital
100,400
- -
- -
6,360
1,514
90,688
1,132,071
1,069,110
952,971
LT Debt
1,363,929
1,897,367
2,777,912
3,297,878
3,660,833
4,028,051
4,867,821
5,813,983
5,374,627
Total Equity
- -
31.67
19.4
25.02
24.27
19.32
17.42
14.57
- -
Return on Invested Capital (%)
- -
27.79
34.45
22.02
23.83
17.9
15.86
13.76
- -
Return on Capital (%)
- -
42.54
51.71
31.52
31.41
27.22
29.6
27.87
- -
Return on Common Equity (%)

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,748,418
3,648,127
4,553,664
LT Borrowings
1,069,110
1,011,040
952,971
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
242
242
242
Market Capitalization
12,735,141
14,817,312
12,178,281

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
15,725,315
16,381,605
17,424,929
Cash, Cash Equivalents & STI
5,912,276
11,537,865
12,556,436
Accounts Receivable, Net
427,861
493,869
594,060
Inventories
262,574
250,581
213,162
Total Current Liabilities
5,488,822
5,395,941
6,832,125
Payables & Accruals
- -
- -
- -
ST Debt
3,748,418
3,648,127
4,553,664
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
16.01%
19.44%
Free Cash Flow
- -
-3,215.04%
-14,513.85%
Net Income, GAAP
- -
6.52%
13.05%
Sales/Revenue/Turnover
- -
11.12%
10.19%
Total Cash Common Dividend
- -
32.85%
20.74%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,826,234
1,933,281
1,976,983
2,064,659
7,801,157
2025
1,941,169
2,129,451
- -
2,299,442
8,596,226
2026
2,164,789
2,401,745
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,016.09
1,073.04
1,247
1,336
4,833.13
2025
1,451.54
1,175
- -
1,463
5,463.86
2026
1,379.99
1,707
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
155.56
869.66
1,482.31
2025
0.02
787.67
1.76
1,000.21
1,789.74
2026
- -
- -
- -
- -
- -
Similar Companies
DLF Limited (NSE:DLF)
Opendoor Technologies Inc (NASDAQ:OPEN)
Samolet (MOEX:SMLT)
Alarko Holding A.S. (BIST:ALARK)
Godrej Properties Limited (NSE:GODREJPROP)
Lodha Developers Ltd. (NSE:LODHA)
Business
Saigon VRG Investment Joint Stock Company is a Vietnam-based industrial real estate developer and utility services provider founded in 2007 and headquartered in Ho Chi Minh City, Vietnam. Originally established as an affiliate of the Vietnam Rubber Industry Group, the company specializes in the development, construction, operation, and management of integrated industrial parks, residential urban areas, and commercial service zones across key economic regions in Southern Vietnam, including Ho Chi Minh City, Tay Ninh Province, and Dong Nai Province. The company primarily serves domestic and multinational manufacturing and logistics corporations operating in electronics, textiles, machinery, automotive parts, and consumer goods. The company operates through three principal business segments: Industrial Real Estate and Infrastructure, Utility and Energy Distribution Services, and Supporting and Construction Services. Its core product and service offerings comprise: development and long-term leasing of industrial land plots with synchronized infrastructure; leasing of ready-built factories, build-to-suit manufacturing facilities, and modern logistics warehouses; retail distribution and transmission of industrial power through licensed direct power grids; development and operation of commercial rooftop solar photovoltaic systems; production and supply of treated clean water and raw industrial water; collection and treatment of industrial wastewater and domestic sewage through centralized treatment plants; industrial steam supply and waste management services; development and leasing of residential housing, worker dormitories, and commercial amenities; and turnkey administrative support services, including investment licensing assistance, customs documentation support, environmental consulting, and workforce recruitment assistance. In recent developments, Saigon VRG Investment Corporation has expanded its capital foundation and infrastructure portfolio to capture growing foreign direct investment inflows across Southern Vietnam. Following its strategic transition from UPCoM to the main board of the Ho Chi Minh Stock Exchange under the ticker SIP, the company completed consecutive charter capital expansions, raising its registered capital above VND 2.1 trillion through capitalizations and stock dividend issuances. Operationally, the company has advanced development and leasing across flagship projects, including Phase 3 of the 2,436-hectare Phuoc Dong Industrial Park in Tay Ninh and subsequent expansions of Le Minh Xuan 3 Industrial Park in Ho Chi Minh City. In addition, the company has expanded investments in rooftop solar installations and upgraded internal utility networks to enhance its green industrial park infrastructure and reinforce its recurring revenue model from electricity and water distribution.