External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. </li><li>Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. </li><li>We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

Thematic (Sector/Industry)

<ul><li><p>Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.</p></li><li><p>Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.</p></li><li>In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Construction Sector - Industrial, Infrastructure Projects Leading Sector Recovery

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li><li>In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market - October 2024)

<ul><li>Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market)_August 2024

Vietnam

Hoa Phat Group JSC is a multi-disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment.

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Hoa Phat Group Jsc (HPG VN)

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing...

Vietcap

Construction Sector - Industrial, Infrastructure Projects Leading Sector Recovery

Vietnam’s construction sector is comprised of three main segments – residential, industrial & commercial, and infrastructure.

Vietcap

Stock Recommendations (Vietnam Market - October 2024)

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Vietnam Market - Stock Recommendations

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_August 2024

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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