We reiterate our BUY rating on HPG while we raise our target price by 5% to VND34,800/share, mainly due to rolling over our valuation model to YE2020. We cut our 2019F NPAT-MI forecast by 8% to VND7.3tn (USD318mn, -15% YoY), mainly due to the lower-than-expected sales volume and prolonged test-running phase of the Dung Quat Steel Complex (DQSC). We forecast 2020F NPAT-MI at VND8.9tn (USD386mn, +22% vs 2019F).