Company Insight

Hoa Sen Group Joint Stock Company (HSG) is a leading enterprise in the coated steel industry in Vietnam, holding 29% of the domestic market share and 35% of the total export market share. In Q1 of the 2024-2025 fiscal year, HSG reported net revenue of VND 10,221 billion (+13% YoY, +1% QoQ), and net profit of VND 166 billion (+60% YoY, compared to a loss of VND 186 billion in the previous quarter). In fact, the revenue remained positive due to strong growth in both domestic and export sales. Specifically, the total sales volume of steel pipes and coated steel reached 499,500 tons (+11% YoY). Using DCF and PE valuation methods, we update the target price for HSG's stock at VND 22,800, offering a potential return of 19%. With the advantage of its Hoa Sen Homes distribution network, we believe Hoa Sen will maintain its leadership position in the coated steel sector amid the overall industry recovery.