HPG – A challenging year ahead – Update
- We expect long steel supply to outpace demand in 2019F.
- Falling steel prices, rising raw material prices and huge capacity additions should create some headwinds for HPG in 2019F.
- We downgrade HPG from Add to Hold and lower our TP to VND33,800.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND32,200
|
VND33,800
|
0%
|
HOLD
|
STEEL
|
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