{"id":33069,"date":"2025-09-05T13:43:37","date_gmt":"2025-09-05T06:43:37","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=33069"},"modified":"2025-09-15T13:47:14","modified_gmt":"2025-09-15T06:47:14","slug":"gtjasvn_hpg-equity-repor_2nd-phase-of-dung-quat-2-ready-for-operation_sep-04-2025","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_hpg-equity-repor_2nd-phase-of-dung-quat-2-ready-for-operation_sep-04-2025\/","title":{"rendered":"GTJASVN_HPG Equity Report_2ND PHASE OF DUNG QUAT 2 READY FOR OPERATION_Sep 04 2025"},"content":{"rendered":"

GTJASVN_HPG Equity Repor_2ND PHASE OF DUNG QUAT 2 READY FOR OPERATION_Sep 04 2025-en<\/a><\/p>\n\n\n\n
\n

MAIN CONTENT<\/strong><\/span><\/p>\n

According to the latest update, Blast Furnace No. 2 of the Dung Quat 2 Project produced its first batch of hot metal on September 4, marking an important milestone for the Group\u2019s entire project. Once fully operational, Dung Quat 2 is expected to add 5.6 million tons of HRC to HPG\u2019s capacity. Specifically, Blast Furnace No. 1 of the project has been in commercial operation since the end of March 2025, raising HPG\u2019s cumulative output in the first six months to 5.1 million tons. Blast Furnace No. 1 of DQ2 is expected to operate at 50% capacity in 2025 and increase to 70%\u201380% capacity in 2026. Meanwhile, Blast Furnace No. 2 of DQ2 is scheduled to commence commercial operation by late 2025 to early 2026.<\/span><\/p>\n

With this update, HPG\u2019s total crude steel output is expected to reach about 10.4 million tons in 2025, up 20% YoY.<\/span><\/p>\n

On July 29, HPG received approval for the revised investment plan of the Dung Quat 2 project. Under the latest adjustment, Dung Quat 2 will raise its annual capacity to 6.1 million tons of products, including 5.6 million tons of hot-rolled coil (HRC) steel (unchanged, with two blast furnaces expected to be operational in 2026) and 500,000 tons of high-quality wire rod (scheduled to commence operation in 2028).<\/span><\/p>\n

On August 1, Blast Furnace No. 1 of DQ1 resumed operation after more than a month of scheduled maintenance, helping ensure HPG\u2019s smooth production activities.<\/span><\/p>\n

\u00a0<\/p>\n

VALUATION AND RECOMMENDATION<\/strong><\/span><\/p>\n

HPG is receiving positive momentum from: (i) growth drivers from the Dung Quat 2 project, with production output expected to grow by 20% per year; (ii) steel prices expected to bottom out amid China\u2019s supply cuts (government regulation) and strong domestic steel demand supported by the public investment disbursement cycle.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

We value HPG at VND 33,700 per share and recommend \u201cAccumulate\u201d<\/strong>, with an expected return of 12.9% compared to the closing price on September 4, 2025. <\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-33069","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJASVN_HPG Equity Report_2ND PHASE OF DUNG QUAT 2 READY FOR OPERATION_Sep 04 2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_hpg-equity-repor_2nd-phase-of-dung-quat-2-ready-for-operation_sep-04-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_HPG Equity Report_2ND PHASE OF DUNG QUAT 2 READY FOR OPERATION_Sep 04 2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"GTJASVN_HPG Equity Repor_2ND PHASE OF DUNG QUAT 2 READY FOR OPERATION_Sep 04 2025-en MAIN CONTENT According to the latest update, Blast Furnace No. 2 of the Dung Quat 2 Project produced its first batch of hot metal on September 4, marking an important milestone for the Group\u2019s entire project. 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