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NKG [OUTPERFORM +18.7%] - Young player steels itself for long-term rivalry - Initiation

We initiate our coverage on NKG with an OUTPERFORM rating with a target price of VND44,000 per share, implying a 18.7% total stock return that includes a 2.6% dividend yield. New capacity expansion via Nam Kim 3 factory (in 2017 and 2018) and Nam Kim 4 factory solidifies NKG’s position as Vietnam’s second-largest galvanized steel sheet manufacturer.