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HPG – Lacklustre 3Q19 performance not a surprise – Update

Company Note 31/10/2019    130

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  • HPG’s net revenue rose 8.2% yoy to VND15,350bn in 3Q19, but net profit fell 25.5% yoy to VND1,794bn during the same period.
  • In 9M19, net revenue rose 9.6% yoy to VND45,411bn but core net profit slumped 17.2% yoy to VND5,655bn, in line with our expectations.
  • Domestic steel demand is unlikely to recover in the near term, in our view.
  • Maintain Add. Our target price remains at VND26,139.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND21,800

VND26,139

0%

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