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>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"><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>

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

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<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><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>

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

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 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><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 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

<ul><li>Following the robust Oct-2024 sales update, we revise our volume estimates by 5–7% for FY24–25F.</li><li>We also incorporate recent raw material pullbacks.</li><li>Additionally, we factor in recent raw material cost reductions, resulting in an upward adjustment to our gross margin assumption. </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>

Following the robust Oct-2024 sales update, we revise our volume estimates by 5–7% for FY24–25F.We also incorporate recent raw material pullbacks.Additionally, we factor in recent raw material cost reductions, resulting in an upward adjustment to our gross margin assumption. 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 Equity/ Trading Buy) - Near-Term Margin Upside on the Table

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. </li><li>Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. </li><li>We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.</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 maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.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 VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

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 JSC (HPG VN) - Earning Its Premium

September update: Steel sales showed signs of recovery in September, with construction steel volumes rising 17% MoM (+1% YoY) and downstream...

Mirae Asset Securities

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

Q2/2025, Despite a slight decline in revenue, profit recorded positive growth due to an expanded profit margin, driven by lower raw material prices...

Rong Viet Securities

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

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.

Vietcap

Hoa Phat Group JSC (HPG VN Equity/ Trading Buy) - Near-Term Margin Upside on the Table

Following the robust Oct-2024 sales update, we revise our volume estimates by 5–7% for FY24–25F. We also incorporate recent raw material pullbacks.

Mirae Asset Securities

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing...

Vietcap

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