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SZL - Cash rich, but challenged finding investment opportunities - Visit Note

Sonadezi Long Thanh’s (HSX: SZL) core business is industrial zone (IZ) development and management, where it is running a 488ha IZ (84% occupied) in Dong Nai Province. The company is investing in a 78ha IZ in 2014; however, further expansion opportunities are limited. Dividend yield is attractive now (11%) thanks to a cash rich position (cash makes up 1/3 total assets), but might decline in 2014. SZL also has a few residential projects, but we are not impressed.