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

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<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><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>

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

Hoa Sen Group

HSG - A Leading Position in the Coated Steel Industry Seeking Growth Strategies