BUY RECOMMENDATION HDG – REAL ESTATE SEGMENT IN ITS PRIME
26/06/2025
We recommend BUY stock HDG with the following arguments:
- Hà Đô's 2025 profit is estimated to reach 800 billion VND, due to the recognition of profit from the Charm Villas project phase 3 with 108 units – average selling price ~150 million VND/m2 – which has completed rough construction and landscaping. Estimated revenue for this phase 3 is about 2250 billion VND, with a profit of about 1500 billion VND. This project will be launched for sale in June and is ready for handover to customers. We believe this will be Hà Đô's key project this year.
- HDG's hydropower output is expected to grow positively in 2025, with a total output reaching 1.22 billion kWh, thanks to favorable weather (La Nina) and optimized operations.- The two father-and-son founders of HDG (Nguyễn Trọng Thông & Nguyễn Trọng Minh) registered to buy 7.25 million HDG shares from late May to late June 2025. For the Hồng Phong 4 power project, as of now, HDG has retrospectively provisioned about 725 billion VND (502 billion VND for 2024 and 223 billion VND for 2025). If not retrospectively provisioned, the company would reverse this amount.
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