Hoa Phat Group Joint Stock Company (HPG) is one of the leading steel industry enterprises in Vietnam. Hoa Phat holds the largest market share in the construction steel segment (with 33%) and steel pipes (with 27%). In the context of unfavorable developments for the steel industry, we assess that Hoa Phat will still maintain its leading position and begin to have clearly improved results in 2024. We make our update valuation of HPG shares at a price of 27,200 VND, corresponding to a profit of 5.6%. We use P/E and DCF valuation methods with weights of 20% and 80%, respectively.
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