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HPG - Healthy volume and elevated ASP results in strong Q2 - Earnings Flash

HPG announced H1 2018 net revenue and NPAT-MI came in at VND27.3tn (USD1.2bn, +31% vs H1 2017) and VND4.4tn (USD191.6mn, +27%), respectively. The strong performance was mainly driven by continuing robust construction steel sales volume and rising construction steel selling prices in H1 2018. The result for H1 bottom line completed 48% of our full-year forecast and 55% of the company's 2018 guidance, hence, we do not foresee a significant revision to our forecasts for HPG in our upcoming update