Company Insight

Hoa Sen Group JSC (HSG) is the leading player in Vietnam’s coated steel industry, holding 29% of the domestic market and 35% of total industry exports. In the first two quarters of fiscal year 2024–2025, HSG achieved 49% and 74% of its annual revenue and profit targets, respectively. We expect the main growth driver in the second half of 2025 to be domestic sales volume, supported by the “weapon” Hoa Sen Home, while export volume may decline due to global tariff risks. Using DCF and PE valuation methods, we update our target price for HSG to VND 18,600, implying a return of 15%.