LHG [BUY +36.0%] - Undervalued developer showing progress on key IP project

We initiate coverage on LHG with a BUY rating and target price of VND66,500/share.
LHG is the developer of the Long Hau (LH) IPs — the LH1, LH2 and LH3 (including LH3.1 and LH3.2) IPs — with a total site area of 460 ha in Long An Province. These IPs are located only 19 km from central HCMC and three km from the Hiep Phuoc port cluster.