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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Using a combination of the cash flow discount method (DCF) and the comparison method (P/B, P/S), we offer a target price for HSG stock at VND 24,000, combined with a cash dividend of VND 500/share, the expected profit is 27%.</li><li>Thanks to the advantages of a long-standing brand, large factory capacity and comprehensive distribution system, HSG's galvanized steel market share has always maintained at 29% for many years.</li><li>Along with the expectation that the steel price cycle will recover from 2025, we forecast HSG's profit after tax (NPAT) in the period 2025-2029 to reach a CAGR of 11%</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.

Using a combination of the cash flow discount method (DCF) and the comparison method (P/B, P/S), we offer a target price for HSG stock at VND 24,000, combined with a cash dividend of VND 500/share, the expected profit is 27%.Thanks to the advantages of a long-standing brand, large factory capacity and comprehensive distribution system, HSG's galvanized steel market share has always maintained at 29% for many years.Along with the expectation that the steel price cycle will recover from 2025, we forecast HSG's profit after tax (NPAT) in the period 2025-2029 to reach a CAGR of 11%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.

HSG - A Leading Position in the Coated Steel Industry Seeking Growth Strategies

<ul><li>Using a combination of the cash flow discount method (DCF) and the comparison method (P/B, P/S), we offer a target price for HSG stock at VND 24,000, combined with a cash dividend of VND 500/share, the expected profit is 27%.</li><li>Number one position in the domestic galvanized steel industry: Thanks to the advantages of a long-standing brand, large factory capacity and comprehensive distribution system, HSG's galvanized steel market share has always maintained at 29% for many years.</li><li>Along with the expectation that the steel price cycle will recover from 2025, we forecast HSG's profit after tax (NPAT) in the period 2025-2029 to reach a CAGR of 11%.</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.

Using a combination of the cash flow discount method (DCF) and the comparison method (P/B, P/S), we offer a target price for HSG stock at VND 24,000, combined with a cash dividend of VND 500/share, the expected profit is 27%.Number one position in the domestic galvanized steel industry: Thanks to the advantages of a long-standing brand, large factory capacity and comprehensive distribution system, HSG's galvanized steel market share has always maintained at 29% for many years.Along with the expectation that the steel price cycle will recover from 2025, we forecast HSG's profit after tax (NPAT) in the period 2025-2029 to reach a CAGR of 11%.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.

HSG VN - A Leading Position in the Coated Steel Industry Seeking Growth Strategies

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 upgrade our rating for HSG to MARKET PERFORM from UNDERPERFORM as we raise our target price (TP) by 13% to VND19,600/share.</li><li>Our higher target price is driven by rolling our TP to end-FY2025 (end-Sep CY2025) and respective 1%/6%/6% increases in 2026/27/28F NPAT-MI forecasts, which all outweigh 10%/6% cuts to our FY2024/25F NPAT-MI forecasts, respectively.</li><li>The revised FY2024F NPAT-MI forecast reflects (1) a 60bps reduction in our GPM forecast and (2) a 20bps increase in SG&amp;A/sales, offsetting a lower effective tax rate assumption (revised to 10% from 20%) following a lower-than-expected 9M FY2024 effective tax rate. </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 upgrade our rating for HSG to MARKET PERFORM from UNDERPERFORM as we raise our target price (TP) by 13% to VND19,600/share.Our higher target price is driven by rolling our TP to end-FY2025 (end-Sep CY2025) and respective 1%/6%/6% increases in 2026/27/28F NPAT-MI forecasts, which all outweigh 10%/6% cuts to our FY2024/25F NPAT-MI forecasts, respectively.The revised FY2024F NPAT-MI forecast reflects (1) a 60bps reduction in our GPM forecast and (2) a 20bps increase in SG&amp;A/sales, offsetting a lower effective tax rate assumption (revised to 10% from 20%) following a lower-than-expected 9M FY2024 effective tax rate. 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.

HSG - GPM to Compress in Q4 FY24 as Steel Prices Decline - Update

Hoa Sen Group (HSG) - GPM to Compress in Q4 FY24 as Steel Prices Decline

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>There are no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.</li>
<li>Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.</li>
<li>After large creations for <a href="https://www.smartkarma.com/entities/market-vectors-vietnam-etf" target="_blank" data-smartkarma-citation="entities:648:1" rel="noopener">Market Vectors Vietnam ETF (VNM US)</a> at the start of the year, there has not been a lot of follow-on activity as the market moves higher.</li>
</ul>


There are no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.
Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.
After large creations for Market Vectors Vietnam ETF (VNM US) at the start of the year, there has not been a lot of follow-on activity as the market moves higher.


MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Vietnam

Hoa Sen Group manufactures steel and plastic building products.  The Company produces steel construction materials; steel for the automobile and other industries; polyvinyl chloride pipe; steel pipe; aluminum framing bars; aluminum frames and panels; and plastic ceiling boards.

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Hoa Sen Group (HSG VN)

HSG - A Leading Position in the Coated Steel Industry Seeking Growth Strategies

Using a combination of the cash flow discount method (DCF) and the comparison method (P/B, P/S), we offer a target price for HSG stock at VND 24,000

Rong Viet Securities

HSG VN - A Leading Position in the Coated Steel Industry Seeking Growth Strategies

Along with the expectation that the steel price cycle will recover from 2025, we forecast HSG's profit after tax (NPAT) in the period 2025-2029 to...

Rong Viet Securities

HSG - GPM to Compress in Q4 FY24 as Steel Prices Decline - Update

We upgrade our rating for HSG to MARKET PERFORM from UNDERPERFORM as we raise our target price (TP) by 13% to VND19,600/share.

Vietcap

Hoa Sen Group (HSG) - GPM to Compress in Q4 FY24 as Steel Prices Decline

We upgrade our rating for HSG to MARKET PERFORM from UNDERPERFORM as we raise our target price (TP) by 13% to VND19,600/share.

Vietcap

MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Float and capping changes lead to an estimated one-way turnover is 3.3% and a one-way trade is US$21.5m. There are eight stocks where passive...

Brian Freitas

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