Am I correct in saying that the Park Tool FR-5.2 cassette lockring tool is the correct tool to use on a Shimano CS-HG50 8 speed road cassette?


Yes, that tool fits all Shimano and SRAM cassette lockrings (as does the FR-5.2G and FR-5.2GT variants).


Fits Shimano®, SRAM® (including 1x), SunRace®, SunTour®, Chris King® and other cassette lockrings

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