Analyst Pinboard: NKG – Earnings to benefit from favorable material price and the strong demand from the EU in 4Q
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NKG’s results are expected to be positive in 4Q owing to the high selling volume and gross margin. NKG will run its factories at full capacity in the next four months due to large export orders to the EU. Therefore, sales will be stable at roughly 200,000 tons in 4Q, which is similar to 3Q. Besides, HRC prices increased continuously to roughly USD 630/ton, thus, NKG’s gross margin will be supported and can vary in a range of 6.5%-7.2% in 4Q. We believe the company’s net income is likely to exceed its target of VND 200 billion. Currently, NKG is trading at VND 14,150, equivalent to a P/E of 11.6x for 2020 and an EPS of VND 1,225. |
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