HSG reported Q2 FY2021 financial statements (HSG’s financial year end is September 30) with revenue of VND10.8tn (USD471.6mn; +88% YoY) and NPAT-MI of VND1.0tn (USD45.0mn; +413% YoY). The official Q2 FY2021 NPAT-MI is higher than the preliminary figure of VND834bn (USD36.3mn) that was previously announced. We attribute these expectation-beating Q2 FY2021 earnings mainly to 1) a surge in hot rolled coil (HRC) prices amid rising demand from China — HRC prices are currently double their four-year