HSG – Update – Recovery in coated steel prices as a key driver
Posted: Apr 20, 2026
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2Q26: HSG net profit is projected to VND170bn (-17% YoY), on a 1ppt YoY gross margin contraction as coated steel prices lag HRC.
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Amid improving steel prices and domestic volumes, net profit is projected to grow 6%/15% YoY in 2026–27.
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We assign an ADD rating with a target price of VND20,000 per share
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