HPG – AGM Note – 20180327

• Hoa Phat Group (HPG) held its AGM last week. The company announced revenue and NPAT targets amounting to a CAGR of 29.4% and 23.3%, respectively over FY17-20. This growth will mainly be driven by its new Dung Quat Steel Complex project. While the current valuation is not cheap, we still see long-term upside in HPG.

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