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HPG – Bumper 1Q20 results – Earnings Flash

Company Note 28/04/2020    256

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  • 1Q20 net profit grew at a strong 26.9% yoy to VND2,285bn to make up 25% of our full-year forecast.
  • We expect the positive impact of public investment on construction steel demand to be felt mainly from 2Q20F onwards.
  • We reiterate our Add call with an unchanged TP of VND29,700.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND21,400

VND29,700

1.27%

ADD

STEEL

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