HDG - Energy expansion
Rong Viet Securities maintains an optimistic view on HDG's business activities: 1) Healthy cash flow generated from the remaining customer receivables of the Centrosa Garden project (VND 1,600 billion), and stable cash flow from the energy segment, 2) Debts that matured in 2020-2021 was not under high pressure to be re-paid and 3) Current valuation is at a reasonable level. P/B 2020 ratio is 1.0x, based on the current stock price.
Using the RNAV method, Rong Viet Securities sets a target price for HDG at VND 32,600. We have a BUY on the stock with a total estimated return of 20%.
Ha Do Group Joint Stock Company (HADOCO), formerly Ha Do Joint Stock Company, is a Vietnam-based company engaged in real estate operations. It is also involved in the development and construction of civil and industrial structures, including office and apartment buildings, hydropower plants, power transmission lines and infrastructures. The Company is engaged in the provision of architectural, engineering, interior decorating and installation services, along with real estate brokerage services. In addition, the Company provides ecotourism services and construction equipment repair services. Other activities include hotel and restaurant operations, as well as hydropower generation and trading.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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