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HPG – Stellar performance in 2Q20 – Earnings Flash

Company Note 28/07/2020    149

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  • HPG’s net profit (NP) climbed 34.8% yoy in 2Q20 on the back of +20.4% yoy growth in steel NP and a 22-fold yoy rise in agricultural NP.
  • 1H20 revenue is in line at 46.0% of our FY20F. 1H20 NP is in line at 51.4% of our full-year forecast.
  • We reiterate our Add call with a TP of VND32,800.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND27,350

VND32,800

1.27%

ADD

STEEL

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