External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.</li><li>Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.</li><li>The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.</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 reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.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.

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook

Hoa Phat Group Jsc

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook