BVSC adjusted its revenue and net profit projections for HPG in 2025 from VND 163 trillion and VND 16 trillion in the previous report to VND 171 trillion and VND 17.9 trillion, respectively, due to stronger-than-expected domestic demand at the end of the year and better performance in the agriculture sector. Moving into 2026, HPG's revenue and profit are expected to grow by 20% and 30% YoY, respectively, as the industry remains in recovery. BVSC raised its target price from VND 33,000/share to VND 35,300/share, maintaining its OUTPERFORM rating on HPG's stock, with an upside potential of +24%.

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Please find the attached file below.