External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><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 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 - 魅力的なヴィラと支援策が堅調な収益を牽引

Ha Do Group JSC

HDG - 魅力的なヴィラと支援策が堅調な収益を牽引