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

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Equity Bottom-Up

<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><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>

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 - 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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