External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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

Hoa Phat Group Jsc

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