Viet Dragon Securities - Analyst Pin-board HND – To change depreciation schedule from 2Q2022

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Viet Dragon Securities

Analyst Pin-board HND – To change depreciation schedule from 2Q2022

· The AGM approved the 2022 financial guidance, which targets revenue and NPAT to be VND 10,574 bn (or USD 460 mn, +17% YoY) and VND 596 bn (or USD 26 mn, +32% YoY), respectively. We see this guideline as conservative as we estimate that the company is able to exceed its guideline in 1H2022 in NPAT terms.

· In 1Q2022, HND posted revenue/NPAT of VND 2,539 bn/VND 258 bn (or USD 110 mn/ 11.2 mn), +22%/+39% YoY. We forecast NPAT in 2Q2022 to double compared to last year. In 2022, we forecast revenue and NPAT to be VND 10,286 bn (or USD 447 mn, +14% YoY) and VND 741 bn ( or USD 32 mn, +64% YoY), respectively.

· Currently, hydropower plants have outperformed due to favorable hydrological conditions that hinder thermal plants to earn profit during La Nina phase. However, investors can ACCUMULATE the stock to benefit from cash dividends and wait until the El Nino phase. Our target price for this stock is VND 23,000, comprising VND 800 of dividends in the next 12months, offering an upside of 49% compared to the closing price as of 2022, Jul 08^th.

08/07/2022 6 EN

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Viet Dragon Securities

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Analyst Pin-board HND – To change depreciation schedule from 2Q2022

Reversal

VPB – Expectation of Maintaining Strong Profit Growth in Q3 2024

SIP – Stable growth in leasing and providing industrial park services

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