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