HDG - Running the first solar power
The COD of Hong Phong 4 plant is expected in June 2019. Although the profit contribution is minimal, it creates good sentiment for upcoming renewable projects. Together with real estate, renewable energy is one of HDG’s key pillars in the coming years. The company is conducting a feasibility study of other wind and solar power plants, with total designed capacity of 300-400MW. Also, Ha Do plans to exploit the Nam An Khanh land bank. The real estate monetization will create a cash inflow to fund the capex for energy projects.
Ha Do more actively pursuits growth and leverages its scale after the State’s divestment. The company is one of our favorite stocks in the industry thanks to its large assets base and land bank. Our target price is VND46,500/share, 15% higher than the closing price on May 30, 2019. The target price is revised up due to factoring Dakmi 2 plant into our model and in general, we believe HDG is on the right track, increasing its stake in both residential projects and energy plants. We have an ACCUMULATE rating on the stock.
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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