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TDH - BUY - Adapting to market reality - Initiation

Thu Duc House, a mid-cap real estate developer with over 20 years of experience, has refocused its strategy towards small, affordable housing units where there is real buyer demand. The company has about 216,000 m-2 of ready-to-develop land bank, mostly located in District 9 of HCMC, and a rich pipeline of projects. We initiate coverage on Thu Duc House with a BUY rating, based on a RNAV derived target price of VND14,200.