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HPG – Earnings Update – 20180803

Company Note 03/08/2018    128

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  • Tariffs shield Vietnam’s long steel industry from the fall out of an US-China trade war.
  • The US-China trade war, to some extent, could benefit HPG in the medium term.
  • HPG will remain competitive vs. imported Chinese steel even after Vietnam’s import tariffs expire in 2020F, according to our calculations.
  • HPG’s significant upcoming capacity expansion can be absorbed gradually by the incremental growth in demand, in our view.
  • Maintain Add as HPG’s stock price is a victim of souring sentiment on steel stocks but is better protected from trade-related shocks than most global peers.

Market Price

Target Price

Dividend Yield

Rating

Sector

VN36,300

VND47,800

0.00%

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