Company Insight

Initial Valuation with a HOLD Recommendation, Target Price of 31,500 VND

Ha Do Group JSC (HOSE: HDG) is a leading enterprise primarily operating in real estate and power. The company maintains a stable business model thanks to diversified investment strategy. Specifically, HDG owns a power generation portfolio of 462 MW, and a potential land bank of nearly 120 hectares, sufficient for development over the next five years. Based on the SOTP (Sum of the Parts) valuation method, we issue a HOLD recommendation with a target price of 31,500 VND, representing a 14.4% upside from the market price as of February 14th, 2025. Revenue and profit growth of HDG are expected in the near future thanks to: (1) HDG is among the top reputable developers, owning prime land primarily in major cities such as Ho Chi Minh City and Hanoi, benefiting from the real estate market recovery as the company plans to launch Phase 3 of the Charm Villas project in 2025, (2) having a highly promising renewable energy (RE) investment portfolio, supported by gradually improving development policies.