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HPG - OUTPERFORM - A tough year ahead but share price is cheap - Update

TP for HPG reduced by 12% to VND52,900 (upside 19.7%, TSR 21.9%) as GPM is expected to be further squeezed as the importation of iron ore fails to protect margins within a depressed steel price environment. However, we think the market has over reacted on the share price and we re-iterate Outperform rating for HPG. HPG is trading at PER of 8.7x & 7.4x on our FY15E & FY16E forecasted EPS, a 33.0% discount compared to its regional peers.