HDG – Update – Regain profit growth momentum

Posted:04/03/2025

  • 4Q24 NP declined 37% yoy, mainly due to provisions from Hong Phong 4. 2024 NP decreased by 13% yoy, completing 80% of MBS’s projections.
  • 2025-26 net profit is expected to grow at a 48% CAGR, primarily driven by the handover of Charm Villa Phase 3 (108 units).
  • Reiterate ADD with lower TP of 32,700VND/share.
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