| Title | X-Alpha | HPG VND40,800 +50%: The Steel King Awakens |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | HPG |
| Detail |
Date : 14/05/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 448 Kb Download: 0 Download |
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| Short Content |
BSC RECOMMENDATION BSC has maintained a BUY recommendation on HPG throughout our reports since 2024. In this report, we maintain our BUY recommendation with an end-2026 fair value of VND 40,800/share, implying an upside of 50% versus the closing price on May 13, 2026. Compared with our previous report, BSC raises the target price by 27%, driven by a 26% upward revision to our 2027 NPAT-MI forecast. BSC significantly raises its forecast amid the following factors:
2026–2027 BUSINESS OUTLOOK
EARNINGS FORECAST In 2026, BSC forecasts HPG to record net revenue of VND 221,884 billion (+42% YoY) and NPAT-MI of VND 28,538 billion (+85% YoY), equivalent to forward EPS of VND 3,718/share. This is based on assumptions of total HPG steel sales volume of 15.2 million tonnes (+28% YoY) and gross margin of 17.3% (+2 ppts). Compared with our previous report, BSC raises its NPAT-MI forecast by 42%, mainly due to:
RISKS High interest rates may affect the real estate market. |