HSG

HSG received a VND 781M administrative fine from the Customs Department for misdeclaring the HS code on imported cold rolling mills, resulting in a VND 3.9B tax underpayment. The company has voluntarily paid the full tax amount, mitigating further penalties. The fine is immaterial relative to HSG's estimated 9-month net profit of VND 568B.

Mekong Fisheries (AAM) reported Q2 2026 net profit of 3.4B VND, up 200.5% YoY, on revenue of 16.8B VND (-73.9%). The sharp profit increase likely stems from cost cuts or one-off gains. Separately, Hoa Sen Group (HSG) estimated Q3 net profit of 382B VND, contributing to 9-month total of 568B VND.

HSG estimates consolidated after-tax profit of 568 billion VND for the first 9 months of fiscal 2025-2026, exceeding its full-year target by 14% on the back of strong domestic demand and a 382 billion VND Q3 contribution. The result supports a book value of 14,700 VND per share after a 30% stock dividend in May 2026.

HSG reported net profit of 568 billion VND for the first 9 months of fiscal year, exceeding its cautious target by 14%. Revenue hit 27,400 billion VND, driven by domestic construction demand and export diversification. The company's book value per share of 14,700 VND trades at a 30% discount to market price.

HSG estimates 9-month net profit of VND 568B, completing 114% of its full-year target, driven by Q3 profit of VND 382B (+39% YoY). Domestic demand and retail expansion underpin the beat, with book value at VND 14,700 per share post-30% stock dividend.

HSG reported estimated Q3 FY2025-2026 net profit of 382 billion VND, up 39% YoY, bringing 9-month cumulative profit to 568 billion VND, or 114% of the full-year target. The beat was driven by strong domestic demand from public investment and the expanding Hoa Sen Home retail chain. The stock trades at a P/B of ~0.77x based on book value of 14,700 VND per share.

HPG, NKG, and HSG face heightened risk from a global steel overcapacity crisis, as OECD warns Chinese steel exports hit a record 131 million tons in 2025 and global overcapacity is set to rise to 745 million tons by 2028. The structural glut, driven by state subsidies in China, threatens to compress margins for Vietnamese producers already trading near recent lows.

HSG reported a fire at its Phu My plant on May 25, 2026, in the acid regeneration line, which was extinguished within 45 minutes with no casualties or significant damage. The company confirms the incident does not affect other production lines or business operations, and equipment is fully insured.

Ho Chi Minh City has removed over 2,000 hectares of land from the pilot list for commercial housing projects under Resolution 171, citing planning and legal deficiencies. The decision impacts several listed developers, including Quoc Cuong Gia Lai (QCG) and Hoa Sen Group (HSG), whose proposed projects were excluded. This regulatory setback may delay revenue recognition and land bank monetization for affected firms.

Foreign investors net sold VND 1,802 billion (USD 72 million) on May 22, 2026, the highest in three months, driving VN-Index down 1.68%. Blue-chips VIC, VHM, and MSB led the sell-off, with VIC losing 3.52% and VHM 4.88%. The selling pressure underscores persistent foreign outflow from Vietnamese equities.

Ho Chi Minh City's Department of Agriculture and Environment has excluded 259 projects from its pilot land list, including those by THACO (THA), Quoc Cuong Gia Lai (QCG), Hoa Sen Group (HSG), and Sabeco (SAB). The exclusions stem from planning inconsistencies or incomplete documentation, potentially delaying or derailing these real estate developments.

THA, QCG, HSG, and HDC are among firms whose HCMC projects were excluded from the pilot commercial housing list under Resolution 171, as announced by the city's Department of Agriculture and Environment. The exclusions, due to planning or documentation gaps, delay potential land monetization and highlight regulatory hurdles in Vietnam's largest real estate market.

Hoa Sen Group (HSG) completed a 30% stock dividend, lifting charter capital to VND 8,072.7B, but Q2 net profit dropped 42% YoY to VND 119B as financial costs surged 139% and forex gains vanished. The miss raises questions about earnings momentum in the current steel cycle.

HSG and NKG are named in an Australian anti-dumping investigation on coated steel initiated April 30, 2026, with a 56.21% margin alleged by BlueScope Steel. Hoa Sen notes the figure is an initial accusation, not a final conclusion, and points to its 2015 case where it ultimately received a 0% duty. The final ruling is expected by October 2, 2026.