Company Insight

Hoa Phat Group (HPG) is a leading Vietnamese steelmaker, benefiting from scale and an integrated production chain. As of 1H2026, HPG delivered strong results, achieving 52% of its full-year revenue target and 70% of its profit target. In 2H2026, growth is expected to be supported by higher HRC output from Dung Quat 2, recovering domestic steel demand, trade protection measures, and infrastructure construction. Using P/E and DCF, we update HPG’s target price to VND 35,900.