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HPG - BUY - Value stock under bear cycle pressure - Update

We upgrade HPG from ADD to BUY, raising our target price to VND25,300 (upside 22%). We are aware that the coke division and the Mandarin Garden project are in a difficult period. But the steel division is proving HPG is the best investment choice in the steel industry. Despite a tough economic backdrop in 1H, the company still managed 7% yoy volume increase and improved its market share (+40bp).