HPG – Update – Steel prices rise on favorable demand
Posted: Sep 24, 2026
- 3Q/26: We forecast net profit of VND 5,600 billion (+40% YoY), driven by stronger demand, revenue growth, and gross margin expansion.
- We raise our 2026/27 net profit estimates by 26%/15%, respectively, following upward revisions to revenue and gross margin assumptions amid higher steel prices. Post-revision, net profit is projected to grow 70%/8% YoY in 2026/27.
- We maintain our ADD rating with a target price of VND 32,000 per share.
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