HDC [OUTPERFORM +18.2%] - Large land bank leveraged to expected recovery in Vung Tau

- We initiate coverage of Ba Ria Vung Tau House Development JSC (HODECO; HOSE: HDC) with an OUTPERFORM rating and a target price of VND33,800/share. - HDC is an established developer in Ba Ria Vung Tau (BRVT). HDC currently owns a total land bank of ~430