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"><em>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.</em></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

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><p><em>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.</em></p>

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

<ul><li>We reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.</li><li>Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.</li><li>This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 2026. </li></ul><p><em>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.</em></p>

We reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 2026. 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 +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds

<ul><li>When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery.</li><li>Policy support remained broadly constructive, driven by accelerating public capex, a recovering residential construction pipeline, and a structural shift from imported Chinese HRC toward domestic supply.</li><li>While elements of this thesis have been operative, 4Q25 had its own surprises. </li></ul><div class="content-highlight"><em>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.</em></div>

When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery.Policy support remained broadly constructive, driven by accelerating public capex, a recovering residential construction pipeline, and a structural shift from imported Chinese HRC toward domestic supply.While elements of this thesis have been operative, 4Q25 had its own surprises. 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) - Lock, Stock and Barrel

Thematic (Sector/Industry)

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </li></ul><div class="content-highlight"><em>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.</em></div>

VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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.

Stock recommendations (Vietnam Market)_Sep 2026

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

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

HPG [BUY +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds

Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.

Vietcap

Hoa Phat Group JSC (HPG VN) - Lock, Stock and Barrel

When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery. Policy support remained broadly...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_Sep 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

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