DIG [SELL -56.3%] - Development progress in line; unattractive valuation

- We maintain our SELL rating for DIG as we believe the steep spike in its share price has overshoot fundamentals. We maintain our target price at VND42,000/share as we factor in the new industrial park project Duc Hoa Resco 3 that DIG acquired in late 2021, which is offset by a higher net debt balance as of end-2021.