Company Insight

Hoa Sen Group Joint Stock Company (HSG) is a leading enterprise in the field of galvanized steel sheets in Vietnam. Hoa Sen Group mainly produces galvanized steel products, steel pipes, plastic pipes, and retail construction materials. Hoa Sen's business situation in Q1/2024 improved significantly compared to the same period last year. Business operations are expected to continue to grow thanks to continued recovery in both domestic and export demand. We update the valuation of HSG shares at VND 24,700, corresponding to a profit of 8.81%. We use DCF and P/E valuation methods to value Hoa Sen.