We expect that the recovery, boon from phase 3 sales of the Charm Villas project, along with information regarding Information about the Draft pilot implementation of commercial housing projects on other land will be the driving forces. We maintain our OUTPERFORM recommendation for HDG, with a target price of VND 35,800/share (upside of 22%). Notable risks: Sales/handover progress at Charm Villas, slower-than-expected legal procedures for subsequent R/E projects; A more heavy-handed solution for 2 solar power plants.

……………………………………………………………….............

Please find the attached file below.