Revenue rose 47.6% and net profit increased nearly double (99.6%) in 2006 compared to 2005, partially thanks to the land renting service at LTIP and the efficiency in expense management (COGS over revenue was decreased significantly from 80.19% in 2005 to 76.8% in 2006). It is predicted that revenue growth rate will reach over 10% in 2007- 2008. SZL reached VND196.7 billion in terms of revenue and VND 56.7 billion in terms of profits for the first 9 months of 2007. Net profit of 9M2007 is in excess of net profit for the whole year 2006. SZL is expected to gain VND 290 billion of revenue and VND 73 billion of profit in 2007. At the average price of VND 145,000/share, PEx of SZL will be around 20x (EPS 2007 ~ VND 7,000/ share), pretty lower than that of ITA (29x), Tam Phuoc Industrial park. Large contribution to the revenue of SZL is Long Thanh industrial park which accounts for over 90% and 79% of total revenue in 2005 and 2006 respectively. There was a slight decrease in housing trading revenue from 19.42% in 2006 compared to 5.33% in 2005 due to the slum of real estate market in 2006. Revenue generated from water supply service has a noticeable increase from only VND1.3 billion in 2005 to VND5.99 in 2006 thanks to the increase of companies in LTIP. Most of SZL financial ratios have experienced steady improvements over the years, especially in profits margin and ROE. Liquidity ratios are quite good and thus can guarantee payment pressure in a short time. Currently SZL is recorded with no short and long term loans.


SZL is evaluated about VND145,000 per share, based on combined evaluation methods of cash flow, PE. With enormous potential in future growth, SZL is supposed be invested in long term.