External broker reports(aggregated public sources), Vietcap

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<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

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

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<ul><li>Demand from the domestic market remained weak, causing Q1 GI/GL sales volume to decrease by half compared to the same period last year, although export volume has shown signs of recovery after having bottomed in Q4/FY21-22.</li><li>HRC's price dropped in the quarter, as gross profit margin continues to be pressured.</li><li>Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed costs, especially selling expenses.</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.

Demand from the domestic market remained weak, causing Q1 GI/GL sales volume to decrease by half compared to the same period last year, although export volume has shown signs of recovery after having bottomed in Q4/FY21-22.HRC's price dropped in the quarter, as gross profit margin continues to be pressured.Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed costs, especially selling expenses.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 - Prolonged impact from flat steel market’s sluggish recovery

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 - 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

HSG - Prolonged impact from flat steel market’s sluggish recovery

Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed...

Rong Viet Securities

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