Published Date: 28/04/2025
- In 1Q/25, net profit (NP) reached VND3,300b (+15% yoy) thanks to strong rise of sales volume, in-line with our forecast and fulfilling 18% of our FY25F forecast.
- We trim 2025-26F NP forecast by 7%/6% versus previous forecast due to pressure of China steel, after adjustment, HPG’s 2025-26F NP may reach VND17,036/22,313bn (+42%/31% yoy) thanks to DQ2 and anti-dumping tax.
- We reiterate ADD for HPG with the target price of VND 33,000/share.
