HSG: Challenges to both production and sales departments
- We predicted HSG’s subpar performance in 1Q/FY22-23 in our previous recommendations, when the steel industry started its downturn.
- HSG’s operation in both upstream and downstream markets could have doubled the impact from input price fluctuations compared to industry peers.
- Future improvements depend on HSG’s capacity to (1) be as flexible as possible in purchasing and stocking activities and (2) revamp sales policies during the unfavorable market condition, which is going to be prolonged at least until the end of 2023.
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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