MBS keeps VND 32,000 target for Hoa Phat stock

Published on 10/19/2026 at 09:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

HRC sales exceeded 2 million tonnes in the third quarter, up 64.00 percent year over year. For Hoa Phat stock, profit is forecast at VND 5,600 billion.

Operating and reporting milestones

Hoa Phat sold 3.8 million tonnes of steel in the third quarter, according to an October 12, 2026 announcement.
MBS maintained its VND 32,000 target for Hoa Phat on October 13, 2026.
Third-quarter results are expected by the end of October 2026.

Hoa Phat, VN000000HPG4, Illustration mit AI erstellt.

Hoa Phat (ISIN VN000000HPG4) sold 3.8 million tonnes of steel in the third quarter, up 54.00 percent from the same period of 2025. The result strengthens the case for hot-rolled coil production as Dung Quat 2 expands, while MBS kept a VND 32,000 target for the stock on October 13, 2026, according to Nang Luong Sach Vietnam.

Sales rose as HRC led

Hoa Phat's third-quarter sales covered construction steel, wire rod, hot-rolled coil and steel billets. The company sold more than 2 million tonnes of hot-rolled coil, a 64.00 percent year-over-year increase, according to Mysteel on October 15, 2026. That mix matters because HRC represented more than half of quarterly steel sales, giving the new Dung Quat 2 capacity a visible role in the operating picture.

Three dated operating signals

On September 28, 2026, a report estimated third-quarter revenue at VND 54,000 billion and net profit at VND 5,400 billion, with revenue up 48.00 percent and profit up 34.00 percent year over year, according to Bao Phap Luat. On October 12, 2026, the company announcement reported 3.8 million tonnes of quarterly steel sales, up 54.00 percent from the third quarter of 2025.

On October 13, 2026, MBS projected third-quarter revenue of VND 55,200 billion, up 50.00 percent, and net profit of VND 5,600 billion, up 40.00 percent. Its forecast also put gross margin at 17.00 percent and HRC volume growth at 68.00 percent, while higher financial costs remained a counter-factor.

What does the target mean for earnings?

The VND 32,000 target rests on a strong volume outlook rather than an assumption of uninterrupted pricing power. MBS expects total steel sales of 4.1 million tonnes in the third quarter, but also sees financial costs rising 60.00 percent as borrowing and interest expenses increase. For investors, the key test is whether higher HRC throughput can offset softer steel prices and the financing burden of Dung Quat 2.

Results are due in October

The next reporting milestone is the expected publication of Hoa Phat's third-quarter 2026 financial statements by the end of October 2026, as Investify reported on September 19, 2026. The gross margin will show whether the sales expansion is translating into earnings at the pace implied by current forecasts.

Capacity is the central variable

Hoa Phat's latest sales data show Dung Quat 2 contributing to a larger product base, but the earnings outcome still depends on margins, costs and domestic demand. The contrast between the VND 5,400 billion and VND 5,600 billion profit forecasts illustrates how sensitive the stock story is to assumptions about steel prices and operating leverage.