Analyst Pin-board NKG – NPAT to grow strongly due to increasing steel price, accumulated inventory, and strong demand
We expect NKG can earn the highest quarterly NPAT ever in 2Q owing to strong demand overseas, increasing hot-rolled coil (HRC) prices, and its higher inventory. We forecast that the company’s revenue and NPAT will reach VND 6,113 billion and VND 503 billion in 2Q, increasing by 164% YoY and 2,806% YoY respectively. For 2H2021, HRC price’s outlook is better than our expectations as prices for HRC delivered in 3Q are more than USD 1,000 /ton. The company’s NPAT in 3Q will be roughly VND 230 billion, significantly higher compared to previous years. Based on EPS forward in of VND 5,800, we recommend investors to Hold this stock with a target price of roughly VND 37,000/share.
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