External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,300/share. </li><li>Our higher TP reflects 6%/10%/10%/10% upgrades to our 2026–29F NPAT-MI forecasts from 8%/12%/12%/13% increases to steel NPAT-MI.</li><li>Our raised 2026–29F steel earnings is due to (1) higher margins, driven by a new steel price recovery cycle under China’s 2025 “anti-involution” policy and higher iron ore input supply, and (2) the contribution from new steel capacity.</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>

We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,300/share. Our higher TP reflects 6%/10%/10%/10% upgrades to our 2026–29F NPAT-MI forecasts from 8%/12%/12%/13% increases to steel NPAT-MI.Our raised 2026–29F steel earnings is due to (1) higher margins, driven by a new steel price recovery cycle under China’s 2025 “anti-involution” policy and higher iron ore input supply, and (2) the contribution from new steel capacity.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.

Hoa Phat Group (HPG)  - National Champion Riding on Domestic, External Tailwinds

Hoa Phat Group Jsc

Hoa Phat Group (HPG) - National Champion Riding on Domestic, External Tailwinds