In BVSC’s view, 2025 will still register positive revenue growth despite a high prior year, with the key contributor being the Construction segment of infrastructure projects. The pace of numerous key infrastructure projects (including contracts C4G is working on) will be stepped up in the last year of the 5-year Mid-term Plan to meet the established goals. Concerning the new backlog to be signed in subsequent years, BVSC projects a likely decline to a lower base, primarily as this period involves completing formalities and site clearance for new key projects. For the BOT sector, revenue is projected to rise substantially following the Ministry of Transport’s official approval of toll collection from January 2025 for the Dien Chau - Bai Vot Expressway project. For Real Estate, we expect C4G to hand over the Long Son Urban Area 1B within the year.

Our base-case target price for C4G is VND8,100/share, implying an upside of +11% from the market price on April 21, 2025. Recommend NEUTRAL.

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Please find the attached file below.