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>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

<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

<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

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

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

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

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