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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Green SM changes its brand from Xanh SM to Green SM. The Green Smart Mobility and Intelligent Transport Joint Stock Company (GSM) announced the brand change from Xanh SM to Green SM. The change aims to unify brand identity across the entire system and marks the company's three-year operation. In…
Mr. Tran Vu Minh, the son of Hoa Phat Group’s chairman Tran Dinh Long, has reported a related-party share transaction with Hoa Phat Group Joint Stock Company (HPG, HOSE). Mr. Minh registered to buy 50 million HPG shares from March 12 to April 10, 2026, via the order-matching method to increase his stake. However, he only purchased 33.3 million shares during the period from March 12 to April 9, with the remaining volume not executed due to unfavorable market conditions.
After the transaction, Mr. Long holds 1.98 billion shares, equivalent to 25.796% of charter capital, while his wife holds 528 million shares, equal to 6.879%. Dai Phong Trading and Investment Co., Ltd., where Mr. Minh serves as director, holds 3.613 million shares, representing 0.047% of capital.
Including Mr. Minh and related parties, total holdings increased to 2.721 billion shares, accounting for 35.454% of Hoa Phat Group’s charter capital.
In 2025, HPG reported consolidated net profit after tax of VND 15,515 billion, up VND 3,495 billion, or 29% year-on-year from 2024 (VND 12,020 billion). The company stated that the steel production and trading segment contributed more than 90% of the group’s consolidated net profit.
HPG attributed the higher steel-segment profits in 2025 versus 2024 to improved domestic demand, stable production costs, and lower raw material prices compared with the previous year. The company also reported that Hoa Phat Steel Building maintained the No. 1 market share at 36.5% as of December 31, 2025. Output of construction steel, high-grade steel, and steel slabs increased by 31% versus 2024.
VCSC maintained a “buy” recommendation for HPG shares and raised its target price by nearly 3% to VND 36,600 per share. The adjustment is based on assumptions of higher after-tax profit for the steel segment over 2026–30F.
VCSC said its estimates incorporate two policy developments: China re-applied its steel export licensing regime from January 2026 after a 17-year pause, viewed as a significant policy shift to limit exports and reduce trade frictions; and Vietnam’s new tariff on wide HRC imports from China, effective mid-April 2026. The brokerage noted these factors are reflected mainly through higher selling prices and steel margins.
VCSC also highlighted partial offsets. It estimates an increase of about VND 4,000 billion in net interest expense over 2026–30, equivalent to roughly 2% of total operating profit over the period, driven by higher-than-expected market interest rates. In addition, VCSC slightly raised its 2026 forecast for net profit after minority interests by 1%, mainly due to stronger real estate profits from 2025.
Meanwhile, VCSC kept its forecast for steel segment profits after minority interests unchanged, stating that positives are offset by higher net interest expense, while agriculture profits are largely unchanged.
At current market prices, HPG trades at a forward P/E of 10.2x for 2026, compared with a 10-year average of 10.4x. VCSC expects 2026 earnings growth of about 42% year-on-year and a 2025–28 CAGR of 28%.
VCSC cited factors supporting HPG including stronger and more sustainable steel prices. Key risks include potential oil supply disruptions related to the Vietnam conflict, which could curb construction activity and reduce domestic steel demand and consumption.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
