Company Insight

Hoa Sen Group JSC (HSG) is the leading coated-steel manufacturer in Vietnam. In the 2024–2025 fiscal year, HSG achieved 96% and 146% of its annual revenue and profit targets, respectively. The key driver in 2026 is expected to be domestic consumption volume, supported by the “Hoa Sen Home” retail platform, while export volumes may decline due to global tariff risks. Using the DCF valuation method, we update our target price for HSG to VND 18,500 per share.