We provide an update on HDG, following on our November 2018 report, ‘Reaping profits from first large residential project’. To recap, HDG offers exposure primarily to the real estate and power sectors, which comprise ~90% of its gross profit. The company has a proven track record as a mid-scale developer and has current backlog of VND5.8tn (USD249mn), which should underpin solid real estate earnings through 2020.