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HPG [BUY +25.8%] - The best is yet to come - Update

We reiterate our BUY rating on HPG and raise our target price 65% to VND77,500/share, reflecting HPG’s improved long-term growth outlook and market re-rating. New long-term growth engines, including Phase 2 of Dung Quat Steel Complex and the galvanized steel project which will both start to contribute to earnings this year, drive our forecast NPAT-MI CAGR of 17% over 2018-2022 and elevated growth rates in our multi-stage DCF valuation.