Company Insight

Hoa Sen Group Corporation (HSG) is a leading enterprise in the galvanized steel industry in Vietnam (20% of the domestic and 35% of the industry's export market share). Key products include: galvanized steel, steel pipes, plastic pipes and retail construction materials. Using the DCF and PE valuation methods, we update the valuation for HSG shares at VND 23,100, upside of 21.5%, with the following main arguments: (1) The galvanized steel industry protection policy officially extended, helping to increase output; (2) Steel prices increase thanks to recovering demand; (3) Expected profit margins improve.