We initiate on HDG with a BUY rating and target price of VND60,000/share (projected TSR 24.4%). We view HDG as an attractive play on Vietnam’s real estate and green energy sectors. It is poised to develop its land bank of 121 ha in Vietnam and Laos over the next five years and is on track to double its power capacity to 446 MW in 2021F (with a target to reach 1,000 MW in the longer term). We forecast 2021F NPAT-MI to jump 35% to VND1.3tn (USD57mn) thanks to a doubling profit contribution