HSG [MARKET PERFORM +8.0%] - Q3 shock unlikely to repeat; Volume growth buoys profit - Update
We reiterate our MARKET PERFORM rating for HSG. We lower our target price by 11%. Weak Q3 FY17 margins caused the share price to fall 14% after reaching our previous target price in July. Q3 FY17 revenue grew 57% vs Q3 FY16 to VND7.2 trillion (USD319 million) on the back of robust galvanized steel sheet volume growth of 58% vs Q3 FY16.