We reiterate our BUY rating on HPG while trim our target price by 4% to VND33,500/share. Although Q4 2019 results were broadly in-line with our expectation, we trim our 2020F NPAT-MI by 5% amid our own expectation of slow-moving domestic construction activities in Q1 2020 due to the recent coronavirus outbreak. We keep 2020F sales volume unchanged across steel product types. However, we cut our construction steel ASP assumption to VND12.1mn/ton (USD524) from VND12.3mn/ton (USD535) amid Q1