HPG – Solid play on country’s multi-year construction boom

■ Hoa Phat Group (HPG) is currently Vietnam's largest steel producer in terms of 2017 market share according to the Vietnam Steel Association.
■ We believe HPG will benefit from accelerating growth in construction steel consumption in Vietnam in 2018F.
■ HPG has the ability to ride the continued upcycle in Vietnam’s real estate industry and the boom in infrastructure investment, in our view.