We maintain the OUTPERFORM rating for HDG stocks, with a target price of VND 33,000/share (upside potential: 20%) from VND 43,800/share, due to (1) HDG paid dividends at a rate of 25% on July 23^rd; (2) we lower our forecast due to the worsened climate situation. We prefer HDG stocks because it has cheap asset values, robust financial health and cash flow thanks to an efficient electricity portfolio, and experience in developing renewable energy and real estate projects, and has a high credit rating. Downside risk: The progress of sale/handover at the Charm Villas project and completing legal procedures of other real estate projects are slower than expected.

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Please find the attached file below.