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HPG - Healthy volume growth and strong ASP buttress 9M profit - Earnings Flash

HPG announced 9M 2018 net revenue and NPAT-MI came in at VND41.5tn (USD1.8bn, +24% YoY) and VND6.8tn (USD296mn, +21% YoY), respectively. The strong performance was mainly driven by continuing robust construction steel sales volume and rising construction steel selling prices in 9M 2018. This profit result is broadly in line with our forecast, hence, we do not foresee a significant revision to our 2018F projection for HPG in our upcoming update report.