Company Insight

Hoa Phat Group JSC (HPG) is one of Vietnam’s leading steel producers. In H1/2025, HPG achieved 43% and 51% of its full-year revenue and net profit targets, respectively. In H2/2025, the company will fully operate the Dung Quat 2 plant, raising HRC capacity to 9 million tons/year, positioning itself to capture the industry’s recovery cycle. Using the P/E and DCF valuation methods, we update our target price for HPG shares to VND 30,200.