External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.</li><li>Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.</li><li>The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>September update: Steel sales showed signs of recovery in September, with construction steel volumes rising 17% MoM (+1% YoY) and downstream categories up 12% MoM (+20% YoY).</li><li>HRC deliveries remained strong at 477K ton (+11% MoM, +95% YoY), benefiting from a low base.</li><li>Despite recent weakness, 9M25 total volumes reached 8.47mn tons (+22% YoY, 74% of FY25F forecast), supported by robust early-year demand. </li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

September update: Steel sales showed signs of recovery in September, with construction steel volumes rising 17% MoM (+1% YoY) and downstream categories up 12% MoM (+20% YoY).HRC deliveries remained strong at 477K ton (+11% MoM, +95% YoY), benefiting from a low base.Despite recent weakness, 9M25 total volumes reached 8.47mn tons (+22% YoY, 74% of FY25F forecast), supported by robust early-year demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hoa Phat Group JSC (HPG VN) - Earning Its Premium

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Q2/2025, Despite a slight decline in revenue, profit recorded positive growth due to an expanded profit margin, driven by lower raw material prices starting from the second half of Q1. </li><li>Total Sales Volume Reached 2.8 million tons (+20% YoY). Of which, construction steel remained the primary product, with stable sales volume at 1.3 million tons (+2% YoY, +9% QoQ).</li><li>Notably, HRC sales volume saw significant growth following the commissioning of the Dung Quat 02 (DQ02) plant in March (operating at ~70% capacity in Phase 1), with widespread consumption by domestic flat steel manufacturers in both Northern and Southern regions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2/2025, Despite a slight decline in revenue, profit recorded positive growth due to an expanded profit margin, driven by lower raw material prices starting from the second half of Q1. Total Sales Volume Reached 2.8 million tons (+20% YoY). Of which, construction steel remained the primary product, with stable sales volume at 1.3 million tons (+2% YoY, +9% QoQ).Notably, HRC sales volume saw significant growth following the commissioning of the Dung Quat 02 (DQ02) plant in March (operating at ~70% capacity in Phase 1), with widespread consumption by domestic flat steel manufacturers in both Northern and Southern regions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPG - Hot-Rolled Coil Has Become a Cornerstone of the Group

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,300/share. </li><li>Our higher TP reflects 6%/10%/10%/10% upgrades to our 2026–29F NPAT-MI forecasts from 8%/12%/12%/13% increases to steel NPAT-MI.</li><li>Our raised 2026–29F steel earnings is due to (1) higher margins, driven by a new steel price recovery cycle under China’s 2025 “anti-involution” policy and higher iron ore input supply, and (2) the contribution from new steel capacity.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,300/share. Our higher TP reflects 6%/10%/10%/10% upgrades to our 2026–29F NPAT-MI forecasts from 8%/12%/12%/13% increases to steel NPAT-MI.Our raised 2026–29F steel earnings is due to (1) higher margins, driven by a new steel price recovery cycle under China’s 2025 “anti-involution” policy and higher iron ore input supply, and (2) the contribution from new steel capacity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hoa Phat Group (HPG)  - National Champion Riding on Domestic, External Tailwinds

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.</li>
<li>Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.</li>
<li>Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.</li>
</ul>


Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.
Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.
Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.


MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Vietnam

Hoa Phat Group JSC is a multi-disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hoa Phat Group Jsc (HPG VN)

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook

We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share. Our TP revision reflects 2-3% p.a. cuts to...

Vietcap