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HPG – All eyes on Dung Quat Steel Complex – Update

Company Note 26/12/2019    294

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  • We reiterate our Add rating after a site visit to HPG’s Dung Quat Steel Complex (DQSC) in Quang Ngai.
  • Management expects FY20F construction steel sales volume to jump 33.3% yoy.
  • We raise our TP to VND29,700 on the back of higher sales volume growth in FY20-21F.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,000

VND29,700

0%

ADD

STEEL

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