Analyst Pinboard: HSG – Domestic demand is going to recover and exports can remain positive in FY2021-2022
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· The company expects selling volume in September to be flat compared to August, reaching roughly 160,000-170,000 tons of products. The demand from foreign markets is still strong as the company is receiving orders for production in January 2022. · HSG’s NPAT can increase strongly in 1Q/FY2021-2022 as domestic demand is likely to recover after easing social distancing and. Steel price movements in foreign markets are going to favor HSG. · We adjust FY2020-2021 NPAT forecast to VND 4,240 billion (-3.4% compared to the previous projection) and FY2021-2022 NPAT forecast to VND 4,500 billion (+26% compared to the previous projection). · We recommend to investors to ACCUMULATE this stock with a target price of roughly VND 52,000/share, implying a total return of 12% as of the closing price on September 30th, 2021. |
Hoa Sen Group is a Vietnam-based company primarily engaged in the steel industry. It manufactures galvanized steel products, color coated steel products, cold rolled steel coils, steel tubes and other steel products. It is also involved in the manufacture of plastic pipes and fittings, as well as plastic roofing sheets. In addition, the Company trades construction fixtures; operates hotels, restaurants and retail complexes; constructs civil and industrial structures, and provides logistics services.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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