Viet Dragon Securities - Nam Kim Steel (NKG) Analyst Pin-board Flat Steel Sector – Prices have started to rebound but profit recovery might take long

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Viet Dragon Securities

Son Tran

Analyst Pin-board Flat Steel Sector – Prices have started to rebound but profit recovery might take long

Overseas prices have stopped falling; domestic prices started to regain.
Domestic consumption to recover from September amid high competition.
Gloomy outlook for the bottom line of flat steel producers in Q3 before sunshine comes from Q4.
We currently have an ACCUMULATE recommendation on NKG with the target price of VND 25,100/share.

05/09/2022 6 EN

Underlying

Nam Kim Steel

Nam Kim Steel Joint Stock Company is a Vietnam-based company operating in the steel industry. The Company is engaged in the manufacturing of hot-dip 55% zinc-aluminium alloy coated steel branded Naki Zincalum, hot-dip zinc coated steel branded Naki Zinc, pre-painted zinc coated steel and pre-painted zinc-aluminium coated steel branded Naki Color, galvanized steel pipe and black steel pipe branded Naki Pipe, hot-rolled steel sheet in coil and cold-rolled steel sheet in coil. It is also involved in the trading of various types of steel products and the provision of ground freight transportation services.

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VN000000NKG3 Hochiminh Stock Exchange Vietnam

Provider

Viet Dragon Securities

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.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Son Tran

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Analyst Pin-board Flat Steel Sector – Prices have started to rebound but profit recovery might take long

Nam Kim Steel JSC: 1 director

NKG – Demand recovery on foreign market

Result Update Report: NKG - Lacking drivers for substantial recovery

Reversal

VPB – Expectation of Maintaining Strong Profit Growth in Q3 2024

SIP – Stable growth in leasing and providing industrial park services

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