Company Insight

Initiate coverage with BUY call and target price of VND 18,200

Deo Ca Infrastructure Investment Joint Stock Company (HHV) was established in 1974, originally known as “Thong Nhat Workshop” under Construction Committee 67. HHV is one of Vietnam’s leading investors, operators, and contractors in transportation infrastructure projects. With six BOT infrastructure projects generating stable cash flows and a construction backlog of approximately VND 2,561 billion, the company maintains strong revenue visibility. We initiate coverage on HHV with a target price of VND 18,200, implying an upside potential of 36%. Our valuation is based on the Sum-of-the-Parts (SOTP) methodology.