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Equity Bottom-Up

<ul><li>In Q3/2026, net revenue reached VND 9,993 billion (+11% qoq; +5% yoy), with 9-month cumulative revenue reaching VND 27,343 billion (-3% yoy).</li><li>NPAT-MI reached VND 382 billion (+222% qoq; +39% yoy) – the highest since Q4 FY2023, with 9-month cumulative profit reaching VND 563 billion (achieving 94% of the profit target under the high-case scenario).</li><li>The key highlight came from improvements in average export prices and export volumes as HSG increased its proportion to new markets like Brazil, increasing the gross margin to 15.3% – exceeding expectations. </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.

In Q3/2026, net revenue reached VND 9,993 billion (+11% qoq; +5% yoy), with 9-month cumulative revenue reaching VND 27,343 billion (-3% yoy).NPAT-MI reached VND 382 billion (+222% qoq; +39% yoy) – the highest since Q4 FY2023, with 9-month cumulative profit reaching VND 563 billion (achieving 94% of the profit target under the high-case scenario).The key highlight came from improvements in average export prices and export volumes as HSG increased its proportion to new markets like Brazil, increasing the gross margin to 15.3% – exceeding expectations. 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 - Hoa Sen Home Supports Core Business

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αSK Primers

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Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/hoa-sen-group">Hoa Sen</a> Group (HSG) is a dominant player in Vietnam's steel sheet market, with a strong brand and extensive domestic distribution network.</li>
 <li>The company faces significant headwinds in its export business due to global economic challenges and trade protectionism, which has impacted recent profitability.</li>
 <li>A strategic pivot towards the domestic market, coupled with recovering steel prices and reduced financing costs, is expected to drive a substantial recovery in earnings in the near term.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Hoa Sen Group (HSG) is a dominant player in Vietnam's steel sheet market, with a strong brand and extensive domestic distribution network.
  The company faces significant headwinds in its export business due to global economic challenges and trade protectionism, which has impacted recent profitability.
  A strategic pivot towards the domestic market, coupled with recovering steel prices and reduced financing costs, is expected to drive a substantial recovery in earnings in the near term.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Net revenue reached VND 8,967 billion (+7% QoQ; +6% YoY), as Hoa Sen Home's growth offset the seasonal slowdown in galvanized steel.</li><li>Galvanized steel sales volume reached 289 thousand tons ( -2% QoQ); exports dropped sharply ( -32% YoY) though domestic sales recovered (+11% YoY).</li><li>Gross profit totaled VND 1,052 billion (+12% QoQ; -2% YoY), with margin expanding to 11.7% (+0.5 pps QoQ) from a low base, despite a VND 45 billion inventory provision. </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.

Net revenue reached VND 8,967 billion (+7% QoQ; +6% YoY), as Hoa Sen Home's growth offset the seasonal slowdown in galvanized steel.Galvanized steel sales volume reached 289 thousand tons ( -2% QoQ); exports dropped sharply ( -32% YoY) though domestic sales recovered (+11% YoY).Gross profit totaled VND 1,052 billion (+12% QoQ; -2% YoY), with margin expanding to 11.7% (+0.5 pps QoQ) from a low base, despite a VND 45 billion inventory provision. 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 - Business Results Expected to Break Through

<ul><li>Net revenue reached VND 8,409 billion (+0.3% QoQ; -18% YoY), fulfilling 21% of the fullyear forecast.</li><li>Growth remained largely flat, reflecting weak demand for galvanized steel. </li><li>Total galvanized steel output was 294 thousand tons (-5% QoQ; -25% YoY), primarily impacted by a sharp decline in exports (-15% QoQ), while domestic sales saw only modest growth (+2% QoQ).</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.

Net revenue reached VND 8,409 billion (+0.3% QoQ; -18% YoY), fulfilling 21% of the fullyear forecast.Growth remained largely flat, reflecting weak demand for galvanized steel. Total galvanized steel output was 294 thousand tons (-5% QoQ; -25% YoY), primarily impacted by a sharp decline in exports (-15% QoQ), while domestic sales saw only modest growth (+2% QoQ).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 - Weak domestic demand pressures performance, with recovery expected from Q3

Frontier and emerging markets (Vietnam)

Dylan Waller

Thematic (Sector/Industry)

The sustainability of the VN Index’s Rise The VN Index surpassed 1,100 points at the end of last week, and has <a href="https://www.bloomberg.com/quote/VNINDEX:IND" target="_blank">returned 59%</a> in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

The sustainability of the VN Index’s Rise  The VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

Vietnam

Hoa Sen Group is Vietnam's leading manufacturer and trader of steel sheets and a major exporter of steel sheets in Southeast Asia. The company produces galvanized, pre-painted galvanized, and aluminum-zinc alloy coated steel sheets, as well as steel pipes and plastic building materials. Its headquarters are located in Binh Duong Province, Vietnam, and it was founded on August 8, 2001.

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Hoa Sen (HSG VN)

HSG - Hoa Sen Home Supports Core Business

In Q3/2026, net revenue reached VND 9,993 billion (+11% qoq; +5% yoy), with 9-month cumulative revenue reaching VND 27,343 billion (-3% yoy).

Rong Viet Securities

Primer: Hoa Sen (HSG VN) - Aug 2026

Hoa Sen Group (HSG) is a dominant player in Vietnam's steel sheet market, with a strong brand and extensive domestic distribution network. ...

αSK Primers

HSG - Business Results Expected to Break Through

Net revenue reached VND 8,967 billion (+7% QoQ; +6% YoY), as Hoa Sen Home's growth offset the seasonal slowdown in galvanized steel.

Rong Viet Securities

HSG - Weak domestic demand pressures performance, with recovery expected from Q3

Net revenue reached VND 8,409 billion (+0.3% QoQ; -18% YoY), fulfilling 21% of the fullyear forecast. Growth remained largely flat, reflecting weak...

Rong Viet Securities

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

The sustainability of the VN Index’s RiseThe VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of...

Dylan Waller

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