HPG – Update – Embarking on a New Growth Cycle
Posted: Feb 27, 2026
- Steel prices may recover from 1Q26, supported by stronger demand and easing pressure from Chinese steel.
- We lower our 2026 net profit forecast by 13%, reflecting an 8% cut in revenue and a 21% increase in financial expenses. Net profit is projected to grow 34%/17% yoy in 2026-27.
- We recommend ADD rating with a target price of VND 35,600 per share.
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