MBS keeps VND 32,000 target for Hoa Phat stock

Published on 10/13/2026 at 09:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit for the third quarter is forecast at VND 5.6 trillion. For Hoa Phat stock, revenue forecast is VND 55.2 trillion.

Key points in brief

MBS maintains a VND 32,000 target for Hoa Phat stock on October 13, 2026.
Third-quarter profit is forecast at VND 5.6 trillion, with steel volumes supporting growth.
Hoa Phat sold 10.3 million tons of steel in the first nine months of 2026, up 39 percent year over year.
Higher output is balanced by lower steel prices and rising financial costs.

Hoa Phat, VN000000HPG4, Illustration mit AI erstellt.

MBS maintained a VND 32,000 target for Hoa Phat stock on October 13, 2026, while forecasting third-quarter net profit of VND 5.6 trillion, up 40 percent year over year. According to Nguoi Quan Sat, the estimate also includes VND 55.2 trillion of third-quarter revenue and steel sales of 4.1 million tons.

Hoa Phat's latest figures

The stock's earnings case has strengthened through higher volumes. Investing.com lists September 2, 2026 as the latest release, with revenue of VND 55.16 trillion and net income of VND 6.37 trillion for the latest quarter.

The chronology shows a clear change in scale. On September 2, 2026, the latest reported quarter carried VND 55.16 trillion of revenue. On September 28, 2026, VDSC forecast third-quarter revenue of VND 54.00 trillion and net profit of VND 5.40 trillion, with profit up 34 percent year over year, according to 24HMoney. On October 13, 2026, MBS published the higher VND 5.60 trillion profit forecast.

What drives the next quarter?

Production is the main support for the estimates. Hoa Phat sold 10.3 million tons of steel in the first nine months of 2026, up 39 percent from the same period of 2025, while hot-rolled coil reached 5.47 million tons, up 59 percent, Tinnhanh Chungkhoan reported on October 12, 2026.

That volume growth does not remove margin risk. VDSC expects third-quarter gross margin to fall to 16.30 percent from the second quarter as average steel prices decline 7 percent quarter over quarter. MBS also warned that higher debt and elevated interest rates could lift financial costs by 60 percent.

Steel output sets the direction

The Dung Quat 2 complex is central to the outlook because added capacity is lifting hot-rolled coil production. MBS expects HRC volume to rise 68 percent year over year to 2.1 million tons in the third quarter, while total steel volume reaches 4.1 million tons.

Nguoi Quan Sat identifies raw-material volatility, financial costs and slower steel demand as the main risks to the forecast. The balance for investors is therefore quantitative: higher tonnage must offset weaker pricing and a narrower margin.

Reporting window approaches

Hoa Phat's third-quarter financial statements were expected at the end of October 2026, according to Investify. That release will test whether the volume increase reached the VND 5.6 trillion profit range projected by MBS.