We reiterate our BUY rating on HPG while trimming our target price by 6% to VND44,600/share as HPG’s valuation and long-term outlook is still attractive despite our downward revision of 2019F NPAT-MI to VND8.8tn (USD381mn, +2% YoY) from VND9.6tn (USD416mn, +12% YoY). Our 8% cut in 2019F NPAT-MI is due to 1) the recent iron ore price hike amid unforeseen supply disruption events in Brazil and Australia, and 2) the upward revision of the Dung Quat Steel Complex (DQSC)’s interest expense allocate