NKG [OUTPERFORM +14.2%] - Gearing up for a challenging year - Update
  • 2018-03-30T15:23:21
  • Company Research
We lower our target price to VND35,200/share but maintain our OUTPERFORM rating on NKG, as we believe the stock has fallen into undervalued territory amid a tougher competitive landscape. New Nam Kim 3 and 4 factories will fully contribute to earnings in 2018, supporting our forecast for 18% and 15% volume growth for steel sheet and steel pipes, respectively.