We provide an update on HDC following our previous visit note, Benefitting from pick-up in Vung Tau property market, dated January 11, 2019. To recap, HDC is a property firm based in Vung Tau, a tier-two coastal city about 100 km southeast of Ho Chi Minh City. The company owns more than 400 ha of low-cost land in convenient locations across Vung Tau. The Vung Tau property market has heated up since 2017 and local land prices have almost tripled, which should underpin solid EBT growth of 35%