BSC recommends buying HDG shares.

SKĐS - BSC Securities has included HDG shares of Ha Do Group in its buy recommendation list due to positive business performance.

According to BSC, the provisions for revenue and after-tax profit - minority shareholders in 2026 of Ha Do Group Joint Stock Company (HDG - HOSE) reached VND 2,965 billion (up 6%) and VND 792 billion (up 3%), respectively.

HDG's revenue structure will come from energy revenue of VND 2,042 billion (down 10%) due to the impact of El Niño starting in April 2026, offset by the commercial real estate segment, which handed over 15 products from the Charm Villas 3 project, recording revenue of VND 431 billion (up 818%).

BSC recommends buying HDG shares (illustrative image).

HDG's financial costs in 2026 are expected to decrease by 22% because in 2025, the company incurred a one-time cost related to converting the loan for the 7A wind power project from VND to USD.

The SGA expense/revenue ratio reached 15.5%, 5.4 percentage points higher than the same period last year, mainly due to a one-time provision of VND 193 billion for the Infra 1 project.

In 2027, HDG's revenue and net profit after tax (minority shareholder) could reach VND 3,338 billion (up 13%) and VND 1,168 billion (up 47%), respectively. Of this, real estate revenue is projected at VND 770 billion (up 79%) thanks to the accelerated handover of approximately 27 units in the Charm Villas 3 project. The SGA/revenue ratio is projected at 5.9%, a decrease of 9.7 percentage points.

BSC expects that the Hong Phong 4 project can recover VND 35 billion per year for 10 years after the official electricity price agreement is signed, without incurring any additional one-time contingency funds like the Infra 1 project.

Thus, BSC adjusted its after-tax profit - minority shareholder for 2026/2027 down by 27%/8% compared to the previous report, mainly due to the addition of a one-time provision of VND 193 billion in the Infra 1 project in 2026 and the postponement of sales for the Charm Villas 3 project from 23/35 units to 15/27 units due to pressure from the high interest rate environment.

From the beginning of 2026 to the present, HDG shares have decreased by 12% year-to-date. Therefore, BSC maintains its buy recommendation for HDG shares with a 2026 target price of VND 32,500/share, an upside of 38% compared to the price on May 26, 2026, based on the sum-of-the-parts valuation method.

Source: https://suckhoedoisong.vn/co-phieu-hdg-duoc-bsc-khuyen-nghi-mua-169260526200800277.htm