We reiterate our BUY rating on HPG while raising our target price by 27% to VND36,800/share, which is due to 1) our 18% upward revision on average for 2020-2024F NPAT-MI, 2) rolling over our DCF valuation model to end-2021 and 3) lower WACC due to a lower cost of equity assumption. We raise our 2020F NPAT-MI forecast by 27% to VND11.2tn (USD487.6mn; +49% YoY) on the back of a higher-than-expected contribution from steel billet and hot-rolled coil (HRC) sales as well as HPG’s ability to procure