SZC – Brief – [NONRATED] – Low base effect crowding out accounting shift

In 3Q26, SZC reported net revenue of VND112bn (+30% yoy, -15% qoq, figure 1) with GP landing at VND38bn (-1% yoy, -27% qoq). NPAT came in at VND22bn (+4% yoy, +16% qoq), expanding NPM to 19.3% (-4.8%p yoy, +5.0%p qoq). IP deposits pulled back to VND11bn (vs. VND13bn in 2Q26), signaling a lack of new lease commitments and underscoring overall muted IP new demand in 4Q26F.