We maintain an OUTPERFORM rating for HPG. We reiterate HPG as our top stock pick to gain exposure to Vietnam’s construction sector as it is benefiting from increasing Government spending as COVID-19 subsides. HPG’s leading position with its established scale and proven operational efficiency — along with its capacity expansion and product diversification through the ramp-up of Dung Quat Steel Complex 1 (DQSC 1) and investment in DQSC 2 — allow it to capture future domestic construction growth. We forecast a 21% 2020-2026F NPAT-MI CAGR.

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