Hoa Phat stock: MBS keeps a VND 32,000 target for Hoa Phat stock

Published on 10/23/2026 at 01:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

MBS kept its VND 32,000 target on October 13, 2026. Hoa Phat stock's nine-month sales reached 10.3 million tonnes, up 39 percent.

Production and analyst view

MBS kept a VND 32,000 target on October 13, 2026.
Hoa Phat sold 5.47 million tonnes of hot-rolled coil in the first nine months of 2026.
Second-quarter net income reached VND 6.37 trillion in 2026.

Hoa Phat, VN000000HPG4, Illustration mit AI erstellt.

Hoa Phat Group JSC's latest investor case combines a VND 32,000 target from MBS with sharply higher steel volumes. According to BNEWS on October 13, 2026, MBS kept its favorable view and target for Hoa Phat stock at VND 32,000. The note puts the forecast third-quarter revenue at VND 55.2 trillion and net profit at VND 5.6 trillion.

Three dates show the buildup

The chronology begins on September 2, 2026, when Hoa Phat's latest reported quarter showed revenue of VND 55.16 trillion and net income of VND 6.37 trillion, according to Investing.com. On October 12, 2026, the company reported nine-month steel sales of 10.3 million tonnes, up 39 percent from the prior-year period. On October 13, 2026, MBS maintained its VND 32,000 target.

What do the sales figures mean?

The volume mix gives the forecast a specific operating anchor. Hoa Phat sold 5.47 million tonnes of hot-rolled coil in the first nine months of 2026, an increase of 59 percent from the same period in 2025. The company's official release also reported 10.7 million tonnes of crude steel production, up 35 percent year over year, while billet sales reached 811,000 tonnes, up 69 percent, according to Hoa Phat on October 12, 2026.

MBS forecast third-quarter steel sales at 4.1 million tonnes, up 38 percent year over year, with hot-rolled coil volumes increasing 68 percent. The same assessment projected a 17 percent gross margin, 0.3 percentage points above the prior-year period, but flagged higher financing costs and slower steel demand as risks.

Production capacity sets the frame

Hoa Phat's reported annual crude-steel capacity is 16 million tonnes, with more than 60 percent classified as higher-quality steel for industrial customers. That scale makes the nine-month volume increase more relevant to earnings than a single product figure, while the forecast still depends on selling prices, raw-material costs and financing expenses.

Hoa Phat facts and trading venue

Hoa Phat Group JSC is listed on HOSE under ticker HPG and operates in the Materials sector. The company produces crude steel, hot-rolled coil, construction steel, wire rod, billets and downstream steel products.