We provide an update on HDC, which is one of the leading property developers in Vung Tau — a tier-two coastal city in southeast Vietnam. The company owns a 400-ha land bank in prime locations of Ba Ria – Vung Tau (BRVT) Province. By activity, real estate is the largest segment (accounting for 79.3% of revenue), followed by construction (4.2%) and other services (16.5%). 9M 2020 NPAT surged 1.8x YoY, which was driven by robust gross profit growth from real estate (+2.1x YoY) — mostly from th