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