Research Center
Quay lại

HSG [MARKET PERFORM -3.9%] - Muted growth compounded by deteriorating fundamentals - Update

We maintain MARKET PERFORM for HSG but lower our target price by 21%. Following further margin contraction and weaker fundamentals, we believe the outlook for HSG has deteriorated. HSG reported a disappointing Q1 FY2018, with earnings plunging 24% due to a shrinking GPM and a surge in leverage and interest expense, despite healthy volume growth across all product segments.