HPG – Huge capacity expansion announced – Update
- HPG has just announced a plan to double the current capacity of the Dung Quat Steel Complex (DQSC) to 9m-10m tonnes per annum.
- According to management, the expansion project will likely start construction in FY23 and complete in FY29.
- Although the intention to expand the plant is not new, what surprised us was the huge capex of about US$2.1bn for this project. Maintain Add.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND23,800
|
VND29,700
|
2.10%
|
ADD
|
STEEL
|
Please follow this link for the full report
You Might Be Interested
Company Note
4
1Q24 pre-tax profit (PBT) soared 53% YoY to VND943bn (USD37mn). Thus, ROAE increased 1.4% YoY pts to 4.3%. 1Q24 TOI and net profit completed 24%/26% of our full-year forecasts, respectively. We see no pressure on our target price of VND36,500.…
Company Note
103
MWG plans for FY24 revenue and net profit of VND125tn/VND2.4tn, respectively, increases of 6% yoy and 14 times compared to FY23. According to management, BHX will begin to record profit in 1Q24 and targets to reach net profit of VND1tn-VND2tn…
Company Note
70
We maintain our Hold rating with 11.9% upside and a 0.0% dividend yield. We increase our TP by 11.0% while the stock price has increased 5.6% since our last report. The main drivers of our recommendation are the decline in…