HSG – Update – Domestic demand stimulates the growth
Posted: Aug 5, 2025
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3Q25: Net profit (NP) stayed flat yoy driven by growth of domestic and inline with our forecast. In 9M/25, HSG reported NP of VND647bn (-7% yoy, fulfilling 74% of our FY25F forecast.
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Thanks to the positive outlook of domestic demand, we expect FY25-26F NP will record VND948/1.244bn (+86%/31% yoy). The surge of NP supported by domestic volume and gross profit margin climb.
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We recommend ADD for HSG with the target price of VND 23.000/share.
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