Company Insight

Nam Kim Steel JSC (NKG) ranks among the top three largest companies in the coated steel sector, holding an 11% domestic market share and exporting to over 50 countries worldwide, primarily in North America and Europe. In 2024, NKG’s net profit surged 3.9 times year-over-year, driven by volume growth. In 2025, despite challenges from tariff policy fluctuations, we expect NKG to capitalize on the steel industry's growth momentum, with domestic demand as the key driver. Additionally, the Nam Kim Phu My project, set to commence operations in 2026, will further expand the company’s market share. Using DCF and PE valuation methods, we update our target price for NKG at VND 19,900, implying a 25% upside.