Company Insight

Coteccons Construction JSC (HSX: CTD) is one of Vietnam’s top construction contractors, operating in residential, commercial, and industrial sectors. We initiate coverage with a BUY rating and a target price of VND 108,900, implying a potential return of 26.9%, based on: (1) Leading and reputable contractor in Vietnam; (2) Record-high backlog driven by recovery in real estate, public investment, and FDI; (3) Strong, healthy balance sheet.