Company Insight

Update recommendation to BUY, target price of 34,450 VND

Ha Do Group JSC (HOSE: HDG) is a leading company primarily operating in two key sectors: real estate and energy. This dual-sector strategy provides a relatively stable business model through diversified investments. Specifically, HDG owns a power generation portfolio with a total installed capacity of 462 MW and a potential real estate land bank of nearly 120 hectares, sufficient for development over the next five years. Based on the SOTP and P/E valuation methods, we maintain our BUY recommendation with a target price of VND 34,450, implying an upside of 20.1% compared to the market price as of March 4th, 2026.