HSG [UNDERPERFORM -16.0%] - Looking expensive after strong rally led by HRC prices - Update
  • 2021-03-05T19:20:34
  • Company Research
We maintain our UNDERPERFORM rating for HSG while raising our target price (TP) by 51% to VND23,300/share. HSG’s share price has rallied by 51% over the last three months.Our TP increase is driven by (1) an increase in our FY2021-25F NPAT-MI of 47% on average due to a higher EBIT forecast and lower forecast interest expenses as well as (2) a higher target P/E.