We reiterate our BUY rating on HPG while trimming our target price by 1% to VND47,200/share as a downward revision in our 2018F-2023F NPAT-MI CAGR to 15% from 13% on more conservative margin assumptions is mostly offset by our DCF roll-over. The Dung Quat Steel Complex is on schedule to start operation of its two Blast Oxygen Furnaces (BOFs) in Phase 1 during Q2-Q3 this year while HPG delivered impressive sales volume growth in January 2019.