| Title | X-Alpha | HPA 35,500 +4%: 2026 turning point. New scale shapes future strength |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | HPA |
| Detail |
Date : 05/06/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 468 Kb Download: 0 Download |
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| Short Content |
BSC’s RECOMMENDATION BSC recommends FOLLOW for HPA with a 2026 fair value of VND 35,500/share (Upside of +4% compared to the reference price on 05/06/2026), with a target P/E = 8x and EPS FWD 2026 = VND 4,425/share. BSC assigns a FOLLOW recommendation in the context that:
BUSINESS OUTLOOK 2026 -2027
2026 EARNING FORECAST In 2026, BSC forecasts HPA to record Net revenue = VND 8,122 billion (+0% YoY) and NPAT-MI = VND 1,159 billion (-27% YoY), equivalent to EPS FWD = VND 4,425/share, based on the assumptions of total sales volume of 100kg commercial hogs = 356,707 heads (-6% YoY), breeding pigs = 154,000 heads (-45% YoY) due to the renovation of Minh Duc Farm and Long Ha 2 Farm retaining breeding stock for herd replenishment, and gross profit margin = 20.0% (-6.2 % points) due to higher input costs.
RISK: Hog prices trend downward due to oversupply at the end of 2027. |