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.