HPG – Lacklustre 3Q19 performance not a surprise – Update

• 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.

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