We have revised down HSG’s FY 2024-2025 revenue and net profit projections from VND 43,100 billion to VND 40,510 billion and from VND 1,170 billion to VND 600 billion, due to a 13% reduction in export volume compared to previous projections. As a result, we have reduced the target price from VND 23,000/share to VND 21,600/share, and maintain an OUTPERFORM recommendation for HSG with a potential upside of +22%.

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Please find the attached file below.