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HPG - OUTPERFORM - Emerging leader in the steel industry - Update

We increased our target price (excluding real estate) from VND42,700/share to VND58,500/share. This is driven by a 33% increase in sales volume over the next 12M and a revised target PER of 13.0x as HPG emerges as the leader in the steel industry, lower debt/equity, capacity expansion from the 2nd phase of its recent factory and improving industry dynamics, especially in real estate. Adding the real estate business valuation of VND1,604/share, we derive a target price of VND60,000 for HPG.