We reiterate our OUTPERFORM rating on HDG with a new target price of VND34,100 per share, implying a 41.2% upside. The new target price is 7% above our previous report, driven by the added valuation of 2 new real estate projects, an upward revision in Charm Villas Phase 3’s launch price, and offsetting the negative impact of SP Infra 1 provision. We like HDG due to its strong asset portfolio, efficient power plants, and significant remaining earnings growth potential from both real estate and energy. In addition, news about the Phase 3 launch of Charm Villas and the pilot implementation of commercial housing projects on non-residential land should positively affect the stock price in the near term. Downside/Upside risks: Slower/faster Charm Villas launch/handovers, slower/faster legal approvals for subsequent real estate projects versus forecast, power demand could be affected by unfavorable US retaliatory tariffs on Vietnam.

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