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NKG [OUTPERFORM +13.8%] - Higher HRC input costs slash earnings - Update

We maintain OUTPERFORM rating for NKG but lower our target price to VND22,100 as a tougher competitive landscape and elevated HRC input prices hit earnings. Although we lower our target price by 37%, the stock has fallen 36% since our last update. NKG’s Q1 results, with revenue growing 41% but margin collapsing to a record low, were in line with other players in the steel sector.