NKG – Brief – [NONRATED] – 3Q26: Recovery broadens

In 3Q26, NKG recorded revenue of VND5,472bn, up 45.0% yoy or 31.8% qoq. Gross profit reached VND495bn, up sharply +175% yoy and +13.1% qoq, with gross margin at 9.0%, +4.3ppt yoy but -1.5ppt qoq. We believe the qoq decline in gross margin was mainly due to input HRC prices rising faster than the average selling price, reflecting high-priced HRC orders in 2Q26. NPAT came in at VND128bn, +158% yoy and +24% qoq.