BVSC maintains the OUTPERFORM rating for HDG, with a target price of VND 35,950 per share, implying an upside of +30%. The new target price is 3% lower than that in our 2026 Strategy Report, reflecting a higher risk premium amid a rising interest rate environment. Note: Our target price does not yet factor in the potential provision reversal for the Hong Phong 4 Solar project. We value HDG for its robust asset base and high-performing power plants, and significant earnings growth potential in both the real estate and energy segments. Upside/Downside risks: Potential variances in the timing of handovers at Charm Villas and legal approvals for pipeline projects compared to our current estimates.

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