SSI keeps target for Hoa Phat stock at VND 32,700

Published on 10/14/2026 at 15:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SSI's VND 32,700 target for Hoa Phat stock implies 62.70 percent upside on October 14, 2026. Core profit is forecast up 42.00 percent in fiscal 2026.

Steel volumes and earnings estimates

SSI set a VND 32,700 target for Hoa Phat on October 14, 2026.
Third-quarter steel sales reached 3.8 million metric tons, up 54.00 percent year over year.
MBS forecast third-quarter revenue of VND 55.2 trillion and net profit of VND 5.6 trillion.

Hoa Phat, VN000000HPG4, Illustration mit AI erstellt.

Hoa Phat Group (ISIN VN000000HPG4) received a VND 32,700 target from SSI on October 14, 2026, implying 62.70 percent upside, while the latest HOSE quote stood at VND 20,450. 24HMoney reported that SSI maintained its buy recommendation and expects core profit to rise 42.00 percent in fiscal 2026. The target puts steel capacity and domestic infrastructure demand at the center of the valuation debate.

Three estimates set the timeline

On September 19, 2026, MBS forecast third-quarter revenue of VND 55.3 trillion, up 50.00 percent year over year, and net profit of VND 5.6 trillion, up 40.00 percent. Investify said the third-quarter report was expected in late October 2026.

On September 28, 2026, VDSC projected third-quarter revenue of VND 54.0 trillion, up 48.00 percent year over year, and net profit of VND 5.4 trillion, up 34.00 percent. Its hot-rolled coil estimate reached 2.15 million metric tons, up 70.00 percent year over year, while steel prices were expected to fall 7.00 percent from the previous quarter. 24HMoney published the estimates.

What supports the estimates?

SteelOrbis reported on October 14, 2026 that Hoa Phat sold 3.8 million metric tons of steel products in the third quarter, up 54.00 percent year over year. Hot-rolled coil sales exceeded 2.0 million metric tons, up 64.00 percent, and January to September sales reached 10.3 million metric tons, up 39.00 percent.

The main counterweight is cost pressure. MBS projected a 17.00 percent gross margin for the third quarter and a 60.00 percent increase in financial costs, according to BNEWS on October 13, 2026. The estimate therefore depends on volume growth offsetting weaker steel pricing and higher funding costs.

HOSE quote and company data

Hoa Phat stock stood at VND 20,450 on HOSE on October 14, 2026 at 8:54 a.m. ICT. The dated quote, the VND 32,700 SSI target and the third-quarter volume data give investors three concrete markers for judging the upcoming earnings release.