We forecast HPG’s 2024 net revenue and PAT at VND133,783 bn (+12.5%YoY) and VND11,940 bn (+75.5%YoY), respectively. From the period 2025-2040, we are raising our projections for HPG’s revenue and PAT by 50% and 72%, respectively, due to the commencement of operations at the Dung Quat 2 complex. We lift our target price for HPG to VND40,840/share from VND32,802/share (equivalent to P/E ratios of 19.9x/17.2x for 2024/2025), justified by the steady profit growth outlook (CAGR EPS of 8% for 2024-2040). Thus, we issue an OUTPERFORM rating for HPG for the next 12 months with an upside potential of +34.1%.

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Please find the attached file below.