HDC [NON RATED] - The Light City – Phase 1, Ngoc Tuoc 2 to drive 2023 revenue

- We provide an update on HDC following our last report, dated November 2, 2020.

- In 2021, HDC’s revenue surged 85% YoY, but it dropped 6% YoY in 2022 amid a challenging real estate market. However, 2022 NPAT-MI hit a record high due to one-off financial income (p. 4).

- We expect HDC’s earnings to improve in 2023 as we project a gradual recovery in the Vietnamese real estate market starting in H2 2023 (p. 7).