HDG – Bright FY21F outlook on selling prices hike – Update

• Charm Villas project is the key driver for net profit growth during FY21-23F.
• We expect FY21F to be a breakthrough year for power segment with three renewable power plants coming on stream.
• We reiterate our Add call with a higher TP of VND50,300 on better take-up rate at Charm Villas project and lower WACC assumption.

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