HPG-Unmatchable
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Although it is affected by the rise of input prices, HPG is expected to maintain its top position in terms of production and consumption in the steel industry in 2017. Thanks to the growing domestic demand and a solid market price level supported by the countervailing measures, HPG can overcome the negative impacts of soaring coking coal and iron ore prices. RongViet Research forecasts that HPG is capable of keeping its gross margin above 20% amid the fluctuating input prices that are occurring due to China’s industry reforming activities. Using FCFF and P/E, we determine HPG’s target price to be around VND 50,300 per share, 19.8% higher than the closing price on November 21st 2016. The new target price is revised from our Company report on January 15th 2016 based on the industry’s performance during this year and its potential in 2017. Therefore, we recommend investors to ACCUMULATE in the LONGTERM.
Hoa Phat Group JSC. Hoa Phat Group Joint Stock Company is a Vietnam-based company primarily engaged in the steel sector. The Company's operation is organized under four segments, including Steel segment, which manufactures steel and cast iron in various forms, such as sheets, bars, rolls and pipes, as well as steel-making materials and steel drawing machinery; Industrial segment, which produces and trades construction and mining vehicles and equipment, along with household appliances, refrigerators, home and office furniture; Agriculture segment, which farms cattle and poultry, processes and preserves meat, as well as manufactures and distributes animal feeds, fertilizers and agricultural supplies, and Real Estate segment, which constructs civil engineering projects and leases houses, offices and land.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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