| Title | X-Stock HPG 32,700 +53% Steel Forged in Fire |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Industry | Basic Materials |
| Bussiness | HPG |
| Detail |
Date : 07/09/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 765 Kb Download: 0 Download |
| Vote | (You must be logged in to vote) |
| Short Content |
DETAILED Q2 2026 BUSINESS RESULTS UPDATE At the end of Q2 2026, HPG recorded net revenue of VND 55,159bn (+54% YoY) and NPAT-MI of VND 6,371bn (+50% YoY). Key highlights were as follows:
Overall, NPAT-MI increased 50% YoY, mainly driven by a 30% YoY increase in sales volume and higher selling prices. 2026F–2027F FORECAST UPDATE Compared with our previous report, BSC has broadly maintained its forecasts. For 2026, BSC forecasts HPG to record net revenue of VND 221,570bn (+42% YoY) and NPAT-MI of VND 27,911bn (+81% YoY), equivalent to 2026F EPS of approximately VND 3,306/share. Compared with our previous report, BSC raises its construction steel price assumption by 1% and lowers its HRC selling price assumption by 1% to better reflect developments in 1H2026. In addition, BSC raises its selling expense forecast, offset by lower G&A expenses. As a result, our earnings forecast remains broadly unchanged. For 2027, BSC forecasts net revenue of VND 239,871bn (+8% YoY) and NPAT-MI of VND 32,576bn (+17% YoY), equivalent to 2027F EPS of approximately VND 3,858/share. Compared with our previous report, BSC lowers its NPAT forecast by 6%, mainly due to a 1.2% downward revision to our HRC selling price assumption under a more conservative view. |