Company Insight

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%). Hoa Phat had a tough year in 2023 with many difficulties, however, its business results gradually improved from quarter to quarter. Entering 2024, we expect Hoa Phat's business situation to recover strongly thanks to the recovery of steel demand and steel prices. We make our updated valuation of HPG shares prices at VND 32,000, corresponding to an upside of 14.28%. We use P/E and DCF valuation methods with weights of 20% and 80%, respectively.