HPG – Brief – [NONRATED] – Favorable first quarter, but challenging to sustain

HPG’s financial statement in 1Q25 recorded a revenue of VND37.6tn (+22% yoy) and NPAT of VND3,350bn (+17% yoy). In which, the Steel segment recorded VND35.4bn of revenue, +23.7% yoy, with volume reached 2.83 mn tonnes, +28.9% yoy. The net profit of the steel segment recorded VND2.832tn, with an estimated operating margin of 9.1%, +82bps qoq and +76bps yoy.