Analyst Pin-board HPG – 3Q2020: Results were better than expectations
HPG’s performance in 3Q2020 was better than our expectations as its construction steel selling volume rose strongly while the domestic market just recovered slightly. For 4Q2020, the company is likely to meet several difficulties , such as rising iron ore prices, and decreasing hog prices. Although domestic demand for construction steel in October was weak, we expect that HPG’s steel selling will recover in late-4Q. For the long-term, HPG is our top pick in the steel industry owing to its strong competitiveness and the growth potential from HRC production lines. Currently, HPG is trading at VND 31,300, which is higher than our target price of VND 29,400. We will update the valuation in our next report.
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