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Leaders of Hoa Phat, FPT, Masan and Hoang Anh Gia Lai (HAGL) used their 2026 annual shareholder meetings to discuss business prospects and identify bottlenecks they say prevent share prices from reflecting intrinsic value. While executives did not explicitly urge investors to buy or sell, many shareholders focused their questions on stock price outlooks as they decide whether to stay invested or reallocate capital.
At Nam Long Investment Joint Stock Company’s 2026 annual general meeting (AGM) held last weekend, chairman Nguyen Xuan Quang acknowledged that the company’s performance has not been fully translated into financially persuasive figures for shareholders. He said Nam Long has done well in areas including product development, land bank expansion and transparent governance, but the stock price has remained muted for five years.
Quang attributed the discount to how the market values the company, noting that it largely prices NLG based on revenue, earnings, profits and return on investment—factors he said the company has not yet realized in line with its potential.
Nam Long is currently trading at around 28,000–29,000 dong per share, with a price-to-book ratio of about 1.2, the lowest level in five years. The company targets a share price of 60,000 dong and a market capitalization of $1 billion.
For 2026, Nam Long announced plans including:
At Hoa Phat Group’s general meeting of shareholders (ticker: HPG), chairman Tran Dinh Long said he was “stunned” when he was told the company has 300,000 shareholders, among the largest in Vietnam’s stock market.
In response to shareholders’ views that holding HPG stock recently “balanced out” gains, Long said price movements are objective phenomena governed by market laws rather than the subjective will of any individual. He reiterated a consistent principle: as long as he remains chairman, he will not issue buy or sell recommendations on HPG stock.
Long explained that if he advised buying and the price fell, the company could be seen as “pulling” investors; if he advised selling and the price rose, investors might feel they missed an opportunity. He therefore said he would not intervene, leaving shareholders to evaluate and act based on market movements.
He also noted that while HPG shares may fluctuate in the short term, the current period is favorable for Hoa Phat and traditional manufacturers with solid investment foundations. He cited a positive near-term outlook for the steel sector, supported by policies boosting public investment and relatively low per-capita steel consumption, which he said provides a basis for sustainable growth.
Masan Group’s CEO Danny Le said at the company’s AGM that MSN is undervalued by about 60% relative to its intrinsic value. He attributed the gap to management not fully explaining the group’s journey and strategy to serve consumers across the Masan ecosystem.
Le said Masan operates multiple core businesses, including:
He also said the group owns the Phúc Long beverage chain.
To address why the stock price has not grown in line with the company’s view of value, Le said the market currently prices MSN mainly on two segments—MCH and MSR—without fully reflecting value from other segments such as MML, WCM and Phúc Long. Going forward, he said Masan will focus on strengthening the links between segments within the ecosystem so the market can better understand and price the group’s overall value.
Mai Le Trung Giang, chairman of Long Giang Urban Development and Investment Joint Stock Company (LGL), said LGL shares are currently trading at around 50% of book value. He said the discount is mainly because investors have not fully appreciated the business, citing that past results were not positive.
Giang said new prospects are forming and could act as a catalyst to push LGL’s share price in the near future. He emphasized that “investors do not truly trust,” which keeps the market price hovering around 50% of book value, while the company’s asset value is at least double compared to five years ago.
For FPT Group (ticker: FPT), chairman Trương Gia Bình said the company does not intervene in stock price movements. He committed to maintaining about 20% growth to lay a foundation for the stock price to reflect true value over the long term.
Although he did not directly comment on whether his own stock is cheap, Hoang Anh Gia Lai chairman Doan Nguyen Duc (bầu Đức) said the current period is an opportunity to accumulate HAG shares. He said: “Whoever has money should buy HAG shares like me. If 1–2 years from now I keep hearing that you lose money and you complain, I will be the one to scold you.”
He also said he has completed the purchase of 4 million HAG shares and has registered to buy additional shares in the coming period.
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