HPG [OUTPERFORM +11.9%] - Record steel prices fuel strong 2021, DQSC 2 on horizon - Update
  • 2021-05-04T16:29:51
  • Company Research
We maintain our OUTPERFORM rating for HPG despite raising our target price by 41% to VND66,400/share. HPG’s share price has rallied 46% over the last three months.Our upward target price revision is driven by (1) our 17% upward revision on average for 2021-2025F NPAT-MI amid higher forecast selling prices across steel products, 2) our incorporation of a 10-year multistage DCF with an intermediate growth rate of 4% to capture the impact of the Dung Quat Steel Complex 2 (DQSC 2) project