We initiate coverage of DIG with a BUY rating and projected total return of 24.8%. We derive a target price of VND39,000/share based on the RNAV valuation method (details in Figure 41). DIG, formerly a subsidiary of the Ministry of Construction (MoC), is one of Vietnam’s largest residential property developers in terms of total land bank size. DIG currently owns a total land bank of ~745 ha that is under development mainly in Greater HCMC/Hanoi. As a ‘master urban plan developer’ for large-s