Company Insight

Nam Kim Steel JSC (NKG), one of Vietnam’s top three coated-steel makers, has completed 51% of its 2025 revenue plan and 47% of its profit target as of 9M/2025. We expect margins to improve in 2026 as steel prices recover, though volume risks persist amid fierce domestic competition and weak exports. The Nam Kim Phu My plant will bolster revenue and profit over the long term. Based on our DCF valuation, we set a target price of VND 17,000 for NKG.