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HPG [BUY +31.2%] - 2019 to lay foundation for future growth - Update

Company Research

20 Nov 2018

We reiterate our BUY rating on HPG with a projected TSR of 31.2%. We trim our target price by 1% as a DCF roll-over effect partially offset a revision in our 2018F-2023F NPAT-MI CAGR to 14.5% from 15.8% on more conservative margin assumptions. The Dung Quat Steel Complex is on schedule to operate its two Blast Oxygen Furnaces (BOFs) during H1 2019. Hence, we maintain growth forecasts of 10% and 25% for construction steel volume for 2018 and 2019, respectively.
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