Company Insight

Hoa Sen Group JSC (HSG) is the market leader in coated steel in Vietnam. In 3Q of the 2024–2025 fiscal year, HSG achieved 74% and 129% of its full-year revenue and profit targets, respectively. The main growth driver in the second half of 2025 will come from domestic sales volume, powered by the “Hoa Sen Home”initiative, while export volume may decline due to global tariff risks. Using the DCF valuation method, we update our target price for HSG shares at VND 22,500.