External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 3Q25, NKG reported weak revenue of VND3,773bn (-27% YoY), hurt by a drop in volume sales (195k tons; -22% YoY).</li><li>Despite a sizable increase in domestic sales (138k tons; +50.2% YoY), the decline in exports was steeper (56.6k tons; -64% YoY), resulting in a total volume decline of 22% YoY.</li><li>While average cost per ton decreased 3.3% YoY, ASP fell more sharply by 7.3% YoY, leading to a 3.9ppt decline in gross margin compared with 3Q23. </li></ul><div class="content-highlight"><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></div>

For 3Q25, NKG reported weak revenue of VND3,773bn (-27% YoY), hurt by a drop in volume sales (195k tons; -22% YoY).Despite a sizable increase in domestic sales (138k tons; +50.2% YoY), the decline in exports was steeper (56.6k tons; -64% YoY), resulting in a total volume decline of 22% YoY.While average cost per ton decreased 3.3% YoY, ASP fell more sharply by 7.3% YoY, leading to a 3.9ppt decline in gross margin compared with 3Q23. 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.

Nam Kim Steel JSC (NKG / Hold) - Higher Market Share Is the Lone Bright Spot

Nam Kim Steel Jsc

Nam Kim Steel JSC (NKG / Hold) - Higher Market Share Is the Lone Bright Spot