HPG – Earnings to rebound in FY20-21F – Update

• We believe HPG’s market share has continued to increase after the ramp-up of Dung Quat Steel Complex despite a slowdown in steel demand.
• The outlook for 2H19 is soft but we expect an earnings recovery in FY20-21F due to lower iron ore prices and positive outlook for the Dung Quat project.
• We upgrade our recommendation to Add; TP lowered to VND26,139.

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