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

Company Note 14/08/2019    322

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,450

VND26,139

0.00%

ADD

STEEL

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