We attended HPG’s AGM for the 2017 financial year on Thursday, March 22, 2018 in Hanoi. HPG’s largest growth engine, Dung Quat Steel Complex project, is taking shape with its first rolling mill to come online in July 2018 and the full commission of the project in 2019. HPG’s conservative 2018 guidance of 19% revenue growth and flat NPAT growth trails our forecasts of 33% and 17% growth for revenue and NPAT, respectively.