Viet Dragon Securities - HSG – Update on Q1 FY2025–2026 Business Results and 2026 Business Outlook

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Viet Dragon Securities

Duong Tran

HSG – Update on Q1 FY2025–2026 Business Results and 2026 Business Outlook

• Q1 FY2025–2026 business results declined, with revenue reaching VND 8,409 billion (-18% YoY; flat QoQ) and parent company’s profit after tax at VND 62.4 billion (-62% YoY; -26% QoQ). The decline was mainly driven by a sharp drop in galvanized steel export volumes, while gross margin narrowed to 11.2% due to cost pressures from higher HRC price bases. The asset structure showed slight fluctuations, with inventory increasing by approximately VND 1,200 billion (maintaining over 100 days of inventory) amid low HRC prices. Meanwhile, long-term seller prepayments and other long-term receivables reached VND 1,050 billion and VND 832 billion, respectively, which may be related to the Company’s real estate investment projects.
• The FY2025–2026 General Meeting of Shareholders approved a prudent business plan, targeting revenue of VND 35,000–37,000 billion (flat YoY) and profit after tax of VND 500–600 billion (-20% YoY), reflecting the saturated steel sheet market and ongoing export challenges. At the same time, HSG will continue expanding the Hoa Sen Home retail chain, with plans to open an additional 25 stores and increase charter capital to VND 3,000 billion, aiming for a long-term IPO.

13/03/2026 6 EN

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Viet Dragon Securities

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Analysts

Duong Tran

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HSG – Update on Q1 FY2025–2026 Business Results and 2026 Business Outlook

PERSISTENT DECLINE

TCH - leveraging land bank advantages, mitigating cash flow risks

SHARP RETRACEMENT

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