NKG

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.

VietABank (VAB) increases charter capital by VND 1,224B to VND 9,388B through a 15% stock dividend, funded from retained earnings. Nam Kim Steel (NKG) issues 45M shares for a 10% stock dividend, lifting capital to VND 4,923B. VikkiBankS targets a 4.5x capital increase via a VND 1,750B private placement. The moves reflect a broader trend of Vietnamese listed firms using equity-linked instruments to fund growth.

NKG plans a 10% stock dividend (44.7M new shares) and a VND 1,500B rights offering at VND 12,000/share to fund its subsidiary's VND 4,500B factory project. Q1 2026 net profit dropped 67% to VND 21.5B, well below the full-year target of VND 400B.

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.

Australia initiated an anti-dumping investigation into galvanized steel imports from Vietnam, targeting Hoa Sen Group (HSG) and Nam Kim Steel (NKG), with an alleged dumping margin of 56.21%. The probe, prompted by Blue Scope Steel, covers imports from January to December 2025. HSG and NKG face potential tariffs but stress the allegation is preliminary and not a final determination.

HSG and NKG face an Australian anti-dumping investigation into galvanized steel exports, with an initial alleged dumping margin of 56.21% based on a complaint by BlueScope Steel. The probe is at the initiation stage; HSG previously faced a similar case in 2015 that ended with a 0% margin. The final determination is expected by October 2, 2026.

HSG confirms Australia's anti-dumping investigation on coated steel products, with an initial alleged margin of 56.21% from BlueScope Steel. The company stresses this is only an initial allegation, not a preliminary or final determination, and expects a final conclusion by October 2026. HSG previously achieved a 0% duty in a similar 2015 case.

HSG and NKG face an Australian anti-dumping investigation on galvanized steel imports, with a preliminary dumping margin of up to 56.21%. The probe, initiated on a complaint by Blue Scope Steel, covers the period from January to December 2025 and is expected to conclude by October 2026. Non-cooperation could result in the highest duty rate being applied.

Oil and gas stocks (GAS, PLX, BSR) surged on strong domestic buying as the Middle East conflict escalated, with the sector accounting for 10% of market turnover. Vingroup stocks (VHM, VIC) were the main driver of the VN-Index's 21-point gain, while banking, real estate, and steel sectors faced selling pressure. The market's divergent performance highlights a 'green shell, red core' pattern, with analysts urging caution near the 1,900 level.

Vingroup stocks (VIC, VRE, VHM, VPL) and steel names (HSG, TLH, NKG, VGS) attracted strong capital flows in the week of April 13-17, with VIC trading volume doubling. Meanwhile, financial and oil & gas stocks experienced significant outflows, reflecting sector rotation.

HSG and NKG are named in an Australian anti-dumping investigation initiated April 30, 2026, with an initial alleged dumping margin of 56.21% for galvanized steel. Hoa Sen argues the figure is a preliminary allegation and expects a final outcome similar to the 2015 case where it received a 0% duty. HSG stock fell 2.8% on the news.

NKG: Ho Minh Phat, son of Nam Kim Steel chairman, bought 5 million NKG shares (0.5% stake) between April 17-23, 2026, signaling insider confidence amid a -1.04% price dip to VND 14.