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Thematic (Sector/Industry)

NKG is facing several barriers in order to achieve earning growth in 2018. The rapid hike of HRC price in 1H2018 has put huge pressure on NKG’s profitability. Moreover, harsh competition in the domestic coated steel market also affected its gross margin and caused rising interest expense, further lowering its net margin. These short-term pessimistic catalysts have been depressing the share price, while the long-term advantages regarding output capacity and selling ability remain the positive elements for the business.Based on the intermediate term potential of the company, we made several adjustments in our forecast including volume growth and gross margin to evaluate NKG’s profitability in 2018.  NKG price is adjusted with a target of VND 18,000/share, total return is estimated at 42% from the closing price on August 30th, 2018 and we recommend to BUY the stock.

NKG is facing several barriers in order to achieve earning growth in 2018. The rapid hike of HRC price in 1H2018 has put huge pressure on NKG’s profitability. Moreover, harsh competition in the domestic coated steel market also affected its gross margin and caused rising interest expense, further lowering its net margin. These short-term pessimistic catalysts have been depressing the share price, while the long-term advantages regarding output capacity and selling ability remain the positive elements for the business.Based on the intermediate term potential of the company, we made several adjustments in our forecast including volume growth and gross margin to evaluate NKG’s profitability in 2018.  NKG price is adjusted with a target of VND 18,000/share, total return is estimated at 42% from the closing price on August 30th, 2018 and we recommend to BUY the stock.

[Result Update] NKG - Difficulties Are Temporary

Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber exploitation businesses record such a period of victory. Accordingly, the two major rubber suppliers, Phuoc Hoa Rubber (PHR) and Dong Phu Rubber (DPR), generated such impressive results.

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber exploitation businesses record such a period of victory. Accordingly, the two major rubber suppliers, Phuoc Hoa Rubber (PHR) and Dong Phu Rubber (DPR), generated such impressive results.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Steel Industry UpdatesVietnam's steel industry is still delivering rapid growth and experienced a <a href="http://vietnamnews.vn/economy/273001/domestic-steel-consumption-up.html#Ix6S1SdprrtPVHxt.97" target="_blank">24.4% increase</a> in the purchase of building steel products and a 34.7% increase in consumption of steel pipes during the first half of this year.  Several factors to note moving forward include the following:<ul><li>The current consumption per capita is currently<a href="http://www.seaisi.org/News/5712/Vietnams+steel+industry+makes+a+case+for+more+production+amid+distrust" target="_blank"> 200 kg.</a>, below the global average of 240 kg, and the average of 500-600 kgs. for industrialized nations.  The industry still has ample potential…</li></ul>

Steel Industry UpdatesVietnam's steel industry is still delivering rapid growth and experienced a 24.4% increase in the purchase of building steel products and a 34.7% increase in consumption of steel pipes during the first half of this year.  Several factors to note moving forward include the following:The current consumption per capita is currently 200 kg., below the global average of 240 kg, and the average of 500-600 kgs. for industrialized nations.  The industry still has ample potential…

In my previous insight, I covered how Hoa Phat Group and Hoa Sen Group were strong value investment picks, and were not financially impacted from the plunging price of steel.  This insight will take a further look at how Vietnam stands out as a positive outlier compared to the global steel industry, as a significant number of major steel companies are currently not profitable.  Vietnam can also be considered a positive outlier when compared to frontier and emerging asia, as many stocks in Vietnam are discounted to other frontier and emerging markets in Asia.  Vietnam’s steel industry is therefore a significant area for investment when compared to larger companies in developed markets, as well as frontier and emerging Asia.  The struggle in Vietnam has mainly been for small and mid cap companies in this industry, although some of these companies are exceptions.

In my previous insight, I covered how Hoa Phat Group and Hoa Sen Group were strong value investment picks, and were not financially impacted from the plunging price of steel.  This insight will take a further look at how Vietnam stands out as a positive outlier compared to the global steel industry, as a significant number of major steel companies are currently not profitable.  Vietnam can also be considered a positive outlier when compared to frontier and emerging asia, as many stocks in Vietnam are discounted to other frontier and emerging markets in Asia.  Vietnam’s steel industry is therefore a significant area for investment when compared to larger companies in developed markets, as well as frontier and emerging Asia.  The struggle in Vietnam has mainly been for small and mid cap companies in this industry, although some of these companies are exceptions.

Vietnam's Steel Industry Is a Global Outlier

Vietnam

Nam Kim Steel Joint Stock Company manufactures and distributes steel products in Vietnam. Its products include hot-dip zinc-aluminum alloy coated steel products, pre-painted zinc and aluminum coated steel products, galvanized and black steel pipes, hot-dip zinc coated steel products, hot and cold rolled steel products, galvanized C purlin products, and color palettes. The company�s products are used in roofing types, including roof panel, wall sheeting, and gutter in the industrial and civil construction; rolling-door, roll-up door, and double sliding doors; office furniture, interior and exterior decoration, and handicrafts; spare-parts of automobile, motorcycle, and bike equipment; industrial electrical products and home electrical-appliance equipment; and mechanical products, equipment, and punching and forming home-appliances. Nam Kim Steel Joint Stock Company also exports its products. Nam Kim Steel Joint Stock Company was founded in 2002 and is based in Thuan An, Vietnam.

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Nam Kim Steel Jsc (NKG VN)

[Result Update] NKG - Difficulties Are Temporary

NKG is facing several barriers in order to achieve earning growth in 2018. The rapid hike of HRC price in 1H2018 has put huge pressure on NKG’s...

Rong Viet Securities

Natural Rubber Industry as of Q3 2016

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber...

Luan Nguyen

Updates for Vietnam's Steel Industry

Steel Industry UpdatesVietnam's steel industry is still delivering rapid growth and experienced a 24.4% increase in the purchase of building steel...

Nomadic Equity

Vietnam's Steel Industry Is a Global Outlier

In my previous insight, I covered how Hoa Phat Group and Hoa Sen Group were strong value investment picks, and were not financially impacted from...

Nomadic Equity

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