External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We lower our target price (TP) for HDG by 1.9% to VND37,000/share and downgrade our BUY rating to OUTPERFORM.</li><li>Our lower TP is primarily driven by (1) a 16% lower real estate valuation (a two-year delay in sales recognition for three projects), which outweighs (2) a 3% higher power valuation (from stronger hydropower NPAT projection), (3) a higher net cash balance, and (4) the positive impact from rolling our TP forward to end-2026.</li><li>We cut our aggregate 2025-29F NPAT-MI forecast by 36% (respective changes of - 5%/+10%/-12%/-46%/-58% for 2025/26/27/28/29F), mainly due to our 69% lower aggregate real estate NPAT forecast following a two-year delay for sales recognition from 3 projects to 2030-31F from 2028-30F previously. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) for HDG by 1.9% to VND37,000/share and downgrade our BUY rating to OUTPERFORM.Our lower TP is primarily driven by (1) a 16% lower real estate valuation (a two-year delay in sales recognition for three projects), which outweighs (2) a 3% higher power valuation (from stronger hydropower NPAT projection), (3) a higher net cash balance, and (4) the positive impact from rolling our TP forward to end-2026.We cut our aggregate 2025-29F NPAT-MI forecast by 36% (respective changes of - 5%/+10%/-12%/-46%/-58% for 2025/26/27/28/29F), mainly due to our 69% lower aggregate real estate NPAT forecast following a two-year delay for sales recognition from 3 projects to 2030-31F from 2028-30F previously. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG [OUTPERFORM +18.4%] - Residential Recognition Delayed, Wind Expansion Progressing

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HDG currently owns eight power plants with a total capacity of 462 MW.</li><li>From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.</li><li>HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG currently owns eight power plants with a total capacity of 462 MW.From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG - Return to the Project's Development Track

<ul><li>HDG currently owns eight power plants with a total capacity of 462 MW. From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.</li><li>HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.</li><li>Additionally, the company has eight power projects planned for investment between 2025 and 2030. In the long term, we expect HDG to initiate these projects, as pricing policies for new renewable energy projects have become clearer.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG currently owns eight power plants with a total capacity of 462 MW. From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.Additionally, the company has eight power projects planned for investment between 2025 and 2030. In the long term, we expect HDG to initiate these projects, as pricing policies for new renewable energy projects have become clearer.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HA DO GROUP (HDG VN) - Return to the Project's Development Track

<ul><li>We raise our target price for HDG by 16.7% to VND37,700/share and maintain our BUY rating.</li><li>Our higher TP is primarily driven by our (1) +46% real estate valuation (driven by 27% higher aggregate 2025-29F NPAT-MI on higher projected ASP and progressive legal developments, and (2) 9x Hong Phong 4 (HP4) valuation (expecting nearly double FiT from January 2026). </li><li>We increase our aggregate 2025-29F NPAT-MI forecast by 12% (respective changes of +28%/0%/-21%/+26%/+24% for 2025/26/27/28/29F), mainly due to our (1) 27% higher aggregate real estate NPAT-MI given higher projected ASP for three pilot projects- Phan Dinh Giot, Minh Long, and Green Lane, and (2) 9% higher aggregate energy NPAT-MI (9x/+49% earnings increases for Hong Phong 4/Infra 1, outweighing commercial date delays in four wind projects).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for HDG by 16.7% to VND37,700/share and maintain our BUY rating.Our higher TP is primarily driven by our (1) +46% real estate valuation (driven by 27% higher aggregate 2025-29F NPAT-MI on higher projected ASP and progressive legal developments, and (2) 9x Hong Phong 4 (HP4) valuation (expecting nearly double FiT from January 2026). We increase our aggregate 2025-29F NPAT-MI forecast by 12% (respective changes of +28%/0%/-21%/+26%/+24% for 2025/26/27/28/29F), mainly due to our (1) 27% higher aggregate real estate NPAT-MI given higher projected ASP for three pilot projects- Phan Dinh Giot, Minh Long, and Green Lane, and (2) 9% higher aggregate energy NPAT-MI (9x/+49% earnings increases for Hong Phong 4/Infra 1, outweighing commercial date delays in four wind projects).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG [BUY +29.1%] - Upside from Pilot Residential Projects, Solar Power FiT Clarity

<ul><li>We raise our target price for HDG by 1.0% to VND30,900/share and reiterate our BUY rating.</li><li>Our higher TP is primarily driven by our (1) 40% higher valuation for Charm Villas phase 3 (on a 20% higher NPAT forecast and quick cash collection from buyers within 30-45 days), and (2) a 26% higher valuation for new wind capacity due tohigher assumed prices.</li><li>These factors outweigh (3) a 69% valuation cut for Infra 1 solar farm (due to our assumed 50% price cut).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for HDG by 1.0% to VND30,900/share and reiterate our BUY rating.Our higher TP is primarily driven by our (1) 40% higher valuation for Charm Villas phase 3 (on a 20% higher NPAT forecast and quick cash collection from buyers within 30-45 days), and (2) a 26% higher valuation for new wind capacity due tohigher assumed prices.These factors outweigh (3) a 69% valuation cut for Infra 1 solar farm (due to our assumed 50% price cut).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDG - Strong Earnings Driven by Charm Villas, Supportive Policies

Vietnam

Ha Do Group JSC offers construction services. The Company builds residential projects, power plants, and other projects.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ha Do Group JSC (HDG VN)

HDG [OUTPERFORM +18.4%] - Residential Recognition Delayed, Wind Expansion Progressing

Our lower TP is primarily driven by (1) a 16% lower real estate valuation (a two-year delay in sales recognition for three projects), which...

Vietcap

HDG - Return to the Project's Development Track

HDG currently owns eight power plants with a total capacity of 462 MW. From 2022 to 2024, the energy segment’s revenue contribution has gradually...

Rong Viet Securities

HA DO GROUP (HDG VN) - Return to the Project's Development Track

HDG currently owns eight power plants with a total capacity of 462 MW. From 2022 to 2024, the energy segment’s revenue contribution has gradually...

Rong Viet Securities

HDG [BUY +29.1%] - Upside from Pilot Residential Projects, Solar Power FiT Clarity

Our higher TP is primarily driven by our (1) +46% real estate valuation (driven by 27% higher aggregate 2025-29F NPAT-MI on higher projected ASP...

Vietcap

HDG - Strong Earnings Driven by Charm Villas, Supportive Policies

We raise our target price for HDG by 1.0% to VND30,900/share and reiterate our BUY rating.Our higher TP is primarily driven by our (1) 40% higher...

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)