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- We upgrade our rating for HSG to MARKET PERFORM from UNDERPERFORM as we raise our target price (TP) by 13% to VND19,600/share.
- Our higher target price is driven by rolling our TP to end-FY2025 (end-Sep CY2025) and respective 1%/6%/6% increases in 2026/27/28F NPAT-MI forecasts, which all outweigh 10%/6% cuts to our FY2024/25F NPAT-MI forecasts, respectively.
- The revised FY2024F NPAT-MI forecast reflects (1) a 60bps reduction in our GPM forecast and (2) a 20bps increase in SG&A/sales, offsetting a lower effective tax rate assumption (revised to 10% from 20%) following a lower-than-expected 9M FY2024 effective tax rate.
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