We raise our target price for HDG by 5% to VND40,800/share and maintain our BUY rating.

Our higher target price is due to the positive effect of rolling our target price horizon to mid-2024, which outweighs a 1% decrease in our aggregate 2023-2027F NPAT-MI forecast as we delay the expected commercial operation of four wind power projects (total capacity of 140 MW) by one year to 2025 and 2026.

We forecast 2023F NPAT-MI to decline 19% YoY with lower contributions from the energy and real estate segments (-35% YoY and -8% YoY, respectively), which will outweigh higher profit from the hotel & office leasing segment.