We have revised our net revenue and NPAT forecasts for HPG in 2025 from VND 176 trillion and VND 15.3 trillion in our 2025 Strategic Report to VND 171 trillion and VND 14.3 trillion, respectively. This adjustment reflects our cautious downward revision of steel consumption volume (excluding Dung Quat 2 production) in 2025 from 9.45 million tonnes to nearly 9 million tonnes, due to concerns that the US will still impose a 46% tariff after the 90-day suspension. Although steel is not directly affected by the US countervailing duties, it will still face indirect negative impacts from the decline in industrial parks, which accounts for 15-20% of domestic consumption. BVSC has lowered the target price for HPG from VND 37,000 to VND 35,500 per share, while maintaining an OUTPERFORM rating, with a +39% upside compared to the current market.

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Please find the attached file below.