HPG had its best ever 9M result with reported NPAT growth of 59.3% Y-o-Y, mainly thanks to continued strong construction steel sales volume and sharply improved GPM due to low-cost iron ore forward buying for the entire year. Meanwhile, there is a good chance for HPG to overcome their construction steel capacity constraints by taking over the Dung Quat project. We may therefore include this project in our valuation in our coming update report.