We attended the first site visit at Dung Quat Steel Complex (DQSC) and HPG's analyst meeting in Quang Ngai Province on December 18, 2019. Overall, the trip reaffirmed our expectation that HPG is best placed among domestic steel producers to capture future domestic steel demand growth and gain market share thanks to the company’s established scale, expertise and proven operational efficiency along with the ramp-up of new capacity from DQSC. Please see our update report