HPG – Brief – [NONRATED] – 3Q26: Growth beating market consensus

Hoa Phat's 3Q26 consolidated financial statements recorded revenue and gross profit of VND62.2tn (+71% yoy) and VND11.92tn (+96% yoy). Selling expenses remained high and rose sharply, +108% yoy to VND1,692bn, mainly due to higher export freight costs and outsourced expenses amid rising fuel prices and freight rates. Financial expenses continued to rise to VND2,135bn (+99% yoy, +11% qoq), likely due to higher interest rates, while total outstanding debt changed little during the period. As a result, NPAT was VND8,265bn, +106% yoy.