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NKG [OUTPERFORM +14.2%] - Gearing up for a challenging year - Update

We lower our target price to VND35,200/share but maintain our OUTPERFORM rating on NKG, as we believe the stock has fallen into undervalued territory amid a tougher competitive landscape. New Nam Kim 3 and 4 factories will fully contribute to earnings in 2018, supporting our forecast for 18% and 15% volume growth for steel sheet and steel pipes, respectively.