HDC [NOT RATED] - Targeting to triple earnings from 2023's low base

- We provide an update on HDC following our last report, dated August 14, 2023.

- 2023 NPAT-MI declined 69% YoY. In 2023, most revenue came from the Ngoc Tuoc 2 project (25 ha). In 2023, HDC postponed the new sales launch of its current key project – The Light City – Phase 1 (27 ha) to save costs amid weak demand.

- In 2024G, HDC targets achieving NPAT of VND424bn (+222% YoY) from 2023’s low base.