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HSG [Non Rated] - Dream of competing with HPG & Formosa - Visit note

HSG is doing pre-feasibility study for a steel complex project with capacity of 5-8m tons (2x of HPG’s scale and a 2/3x of Formosa phase 1’s scale) to complete its production chain of producing coated steel sheet from iron ore to finished products, to expand into the USA market and to compete with HPG and Formosa. 9M15A’s NPAT soared by 72% vs. 9M14A, reaching 108% of full year target. HSG is trading at PER of 9.6x based on the management EPS guidance of VND4,500.