We initiate on HDG with an Outperform rating and TP of VND37,500 (25.0% upside) as it prepares to break ground on the Z756 project, a massive 3,000 unit apartment complex in HCMC. We believe HDG’s current stock price has not fully discounted the Z756 project, which we forecast will help drive earnings growth of 25% per year for the next 5 years for the company.