HDG – Update – Overcoming challenges
Posted: Oct 9, 2026
- 1H26 net profit rose 121% YoY, mainly on a VND197bn downward adjustment to Charm Villa land-use costs. We estimate Q3 profit will fall 13% YoY on less favorable hydropower conditions.
- We cut 2026/27 net profit forecasts by 54%/39%, mainly due to Charm Villa delays. HDG is gradually moving beyond its most difficult period, with profit growth of 4%/18% YoY expected.
- Reiterate ADD with lower TP of 22,500VND/share.
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