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HBC - ADD - Difficulties ahead, but attractive valuation - Update

We maintain our target price at VND20,500 (upside 24%), keeping the same target PER of 7.5x (trailing 5.5x). Our investment thesis is that construction sector will enjoy some good growth from new investments directly by the government or incentivized by the government. We further believe HBC, like Coteccons, deserves some pricing premium thanks to its well-established position.