HDG – Note – [NONRATED] – Earnings boosted by power segment

In 2Q25F, we assess that HDG’s outlook could remain positive, supported by the power segment, which is expected to maintain its growth momentum, partially offsetting the decline in profit from the real estate business. The hydropower group may continue to perform well, supported by an 11% yoy increase in reservoir water flow and the ongoing impact of the neutral phase through 1H25. Additionally, risks related to the Hong Phong 4 solar project and the IP – Infra 1 project should also be noted, as EVN is currently awaiting official conclusions on these matters.