External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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><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 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

Ha Do Group JSC

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