External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Ha Do Group JSC

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