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

Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Net revenue reached VND 8,967 billion (+7% QoQ; +6% YoY), as Hoa Sen Home's growth offset the seasonal slowdown in galvanized steel.</li><li>Galvanized steel sales volume reached 289 thousand tons ( -2% QoQ); exports dropped sharply ( -32% YoY) though domestic sales recovered (+11% YoY).</li><li>Gross profit totaled VND 1,052 billion (+12% QoQ; -2% YoY), with margin expanding to 11.7% (+0.5 pps QoQ) from a low base, despite a VND 45 billion inventory provision. </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>

Net revenue reached VND 8,967 billion (+7% QoQ; +6% YoY), as Hoa Sen Home's growth offset the seasonal slowdown in galvanized steel.Galvanized steel sales volume reached 289 thousand tons ( -2% QoQ); exports dropped sharply ( -32% YoY) though domestic sales recovered (+11% YoY).Gross profit totaled VND 1,052 billion (+12% QoQ; -2% YoY), with margin expanding to 11.7% (+0.5 pps QoQ) from a low base, despite a VND 45 billion inventory provision. 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 - Business Results Expected to Break Through