Published Date: 05/11/2024
- In 4Q24, HSG reported net loss of VND186bn (-273% yoy) due to shrinking GPM and rising selling expenses. In 2024, NP reach VND510bn (+1,600% yoy).
- We expect FY25-26F NP will record 869/1,324 VNDbn (+70%/52% yoy) thanks to the bright outlook of domestic market while export would report lower growth.
- We recommend ADD for HSG with the target price of VND 24,800/share.
