HPG – Update – Rising above challenges with outstanding potential

Posted:28/04/2025

  • In 1Q/25, net profit (NP) reached VND3,300b (+15% yoy) thanks to strong rise of sales volume, in-line with our forecast and fulfilling 18% of our FY25F forecast.
  • We trim 2025-26F NP forecast by 7%/6% versus previous forecast due to pressure of China steel, after adjustment, HPG’s 2025-26F NP may reach VND17,036/22,313bn (+42%/31% yoy) thanks to DQ2 and anti-dumping tax.
  • We reiterate ADD for HPG with the target price of VND 33,000/share.
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