Crushed Stone – In-depth – [OVERWEIGHT] – Bracing for growth from 2024F

We initiate an Overweight rating on the Crushed Stone industry in 12-month horizons spurred by the robust demand growth serving the public infrastructure spending in 2024-2025F. Going forward, the housing property could bounce back, reinforcing the crushed stone consumption growth in 2024-2023F. However, the South’s crushed stone industry could cite a slow 2023 due to the gloomy housing property dynamics seen in 2020-22. We give BUY ratings to VLB (TP: VND45,100, UPSIDE: +47%) and DHA (TP: VND47,000, UPSIDE: +22%) and HOLD to KSB