Company Insight

Nam Kim Steel JSC (NKG) is among the top three largest coated steel producers in Vietnam. In 1H2025, NKG achieved 34% and 36% of its full-year revenue and net profit targets, respectively (impacted by global protectionism that weakened exports). In 2H2025, we expect gross profit margins to improve thanks to a recovery in steel prices; however, consumption volume risks remain due to fierce domestic competition amid difficult export conditions. In the long term, the Nam Kim Phu My plant, scheduled to commence operations in 1Q2026, will contribute positively to the company’s revenue and profit. Using the DCF valuation method, we update our target price for NKG shares at VND 18,300.