NEW BUY RECOMMENDATION HDC – BOOST FROM PROVINCIAL MERGER

Sau khi sáp nhập Vũng Tàu vào TP. HCM, chúng tôi cho rằng điều này sẽ tạo cú hích lớn cho thị trường bất động sản. The Light City hưởng lợi từ việc tăng giá đất nhờ liên kết vùng, thu hút dòng vốn đầu tư và dịch chuyển dân cư từ TP. HCM. Với quy hoạch đồng bộ, dự án có tiềm năng tăng giá rõ nét trong trung – dài hạn.

Equity Reports

31/10/2025

We recommend BUY stock HDC with the following arguments:

- The main driver in 2025 comes from the transfer of the Dai Duong (Antares) project, along with the plan to hand over products at The Light City and Ngoc Tuoc 2. For The Light project, restarting sales in 2025 will not only help improve revenue and generate short-term cash flow but also lay the groundwork for the 2025-2026 growth phase, especially as the real estate market is gradually recovering.- After the merger of Vung Tau into Ho Chi Minh City, we believe this will create a significant boost for the real estate market. The Light City benefits from increased land prices due to regional connectivity, attracting investment capital and population shifts from Ho Chi Minh City. With synchronous planning, the project has clear price appreciation potential in the medium to long term.- HDC's divestment deal in the Dai Duong Vung Tau Tourist Area project can be seen as a "strategic boost" in 2025, which helps:

(1) Improve profit margins with extraordinary income from divestment;(2) Significantly increase cash flow, supporting debt repayment and reducing financial burden;(3) Bring a large portion of profit for HDC to achieve its set profit targets.