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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>HPG has shown 102% NP growth in 1H26 (core earnings +50%) with steel operating margin lifted to to above 11.4% and ramp up the Dung Quat 2 utilization to 79%.</li><li>The domestic steel industry also remained strong, supported by public investment and a large residential construction backlog.</li><li>We estimate that construction steel consumption reached 7.6mn tons in 1H26 (+14.8% YoY), of which domestic consumption was 6.9mn tons (+19.3% YoY). Local HRC consumption, including imports, also rose 13.1% YoY to 7.5mn tons.</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>

HPG has shown 102% NP growth in 1H26 (core earnings +50%) with steel operating margin lifted to to above 11.4% and ramp up the Dung Quat 2 utilization to 79%.The domestic steel industry also remained strong, supported by public investment and a large residential construction backlog.We estimate that construction steel consumption reached 7.6mn tons in 1H26 (+14.8% YoY), of which domestic consumption was 6.9mn tons (+19.3% YoY). Local HRC consumption, including imports, also rose 13.1% YoY to 7.5mn tons.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/Buy/TP:30,000) - Mind the gap

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/hoa-phat-group-jsc">Hoa Phat Group</a> (HPG) is the largest steel producer in Southeast Asia, poised to capitalize on Vietnam's robust infrastructure development and public investment cycle.</li>
 <li>The commissioning of the large-scale Dung Quat 2 complex is a key catalyst, expected to significantly increase capacity, particularly in high-value Hot Rolled Coil (HRC), and drive future revenue growth.</li>
 <li>Key risks include the cyclical nature of the steel industry, volatility in global raw material prices, high financial leverage from capital expenditures, and increasing competition from domestic and foreign players.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Hoa Phat Group (HPG) is the largest steel producer in Southeast Asia, poised to capitalize on Vietnam's robust infrastructure development and public investment cycle.
  The commissioning of the large-scale Dung Quat 2 complex is a key catalyst, expected to significantly increase capacity, particularly in high-value Hot Rolled Coil (HRC), and drive future revenue growth.
  Key risks include the cyclical nature of the steel industry, volatility in global raw material prices, high financial leverage from capital expenditures, and increasing competition from domestic and foreign players.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hoa Phat Group (HPG VN) - Aug 2026

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taseco-air-services-joint-stock-company" target="_blank" data-smartkarma-citation="entities:43881:1" rel="noopener">Taseco Air Services (AST VN)</a> is the leading provider of non-aviation services in Vietnam, with a presence across the country's major tourist destinations. </li>
<li>We expect the company to deliver 15-20% CAGR over FY25-27, underpinned by growth in point-of-sale and tourist arrivals in Vietnam.  </li>
<li>Trading at ~11x PE FY26 (conservatively), net cash, ROCEs ~48% with an expanding margin profile and a &gt;6% dividend yield, this is a company to explore.</li>
</ul>



Taseco Air Services (AST VN) is the leading provider of non-aviation services in Vietnam, with a presence across the country's major tourist destinations. 
We expect the company to deliver 15-20% CAGR over FY25-27, underpinned by growth in point-of-sale and tourist arrivals in Vietnam.  
Trading at ~11x PE FY26 (conservatively), net cash, ROCEs ~48% with an expanding margin profile and a &gt;6% dividend yield, this is a company to explore.


Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, <11x PE, With ~48% ROCE

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>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

External broker reports(aggregated public sources), Vietcap

Vietcap

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

<ul><li>We reiterate our BUY rating on HPG and raise our target price (TP) by 6% to VND38,900/share.</li><li>Our higher TP is driven by (1) rolling our TP to mid-2027, (2) 18%/4%/4%/3%/4% increases to 2026/27/28/29/30F NPAT-MI reflecting -1%/+4%/+4%/+3%/+3% changes to steel NPAT-MI, and (3) incorporating a one-off Q1 2026 real estate gain, with after-tax profit of VND4tn. This lifts 2026F earnings and HPG’s end-Q1 2026 cash balance, partly supporting the DCF valuation.</li><li>Our higher 2027-30F steel NPAT-MI projection reflects higher construction steel volume assumptions as infrastructure-led demand (from both the public and private sector) appears to be materializing stronger than expected. </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 on HPG and raise our target price (TP) by 6% to VND38,900/share.Our higher TP is driven by (1) rolling our TP to mid-2027, (2) 18%/4%/4%/3%/4% increases to 2026/27/28/29/30F NPAT-MI reflecting -1%/+4%/+4%/+3%/+3% changes to steel NPAT-MI, and (3) incorporating a one-off Q1 2026 real estate gain, with after-tax profit of VND4tn. This lifts 2026F earnings and HPG’s end-Q1 2026 cash balance, partly supporting the DCF valuation.Our higher 2027-30F steel NPAT-MI projection reflects higher construction steel volume assumptions as infrastructure-led demand (from both the public and private sector) appears to be materializing stronger than expected. 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 - 2026 Earnings to Surge on Strong Steel Segment, One-Off Gain

Vietnam

Hoa Phat Group is a leading industrial manufacturing group in Vietnam, primarily specializing in iron and steel production, including construction steel, hot rolled coil, steel pipes, and galvanized steel. The group also diversifies into agriculture, real estate, and home appliances. Founded in August 1992 as a construction machine and equipment trading company, Hoa Phat Group is headquartered in Hanoi, Vietnam.

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Hoa Phat Group (HPG VN)

Hoa Phat Group (HPG/Buy/TP:30,000) - Mind the gap

HPG has shown 102% NP growth in 1H26 (core earnings +50%) with steel operating margin lifted to to above 11.4% and ramp up the Dung Quat 2...

Mirae Asset Securities

Primer: Hoa Phat Group (HPG VN) - Aug 2026

Hoa Phat Group (HPG) is the largest steel producer in Southeast Asia, poised to capitalize on Vietnam's robust infrastructure development and...

αSK Primers

Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, <11x PE, With ~48% ROCE

We initiate coverage of Taseco Air Services (AST VN), a non-aviation services provider (pureplay on tourism in Vietnam) trading at <11x PE, with a...

Sameer Taneja

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

HPG - 2026 Earnings to Surge on Strong Steel Segment, One-Off Gain

Our higher TP is driven by (1) rolling our TP to mid-2027, (2) 18%/4%/4%/3%/4% increases to 2026/27/28/29/30F NPAT-MI reflecting -1%/+4%/+4%/+3%...

Vietcap

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