We attended HPG’s AGM for 2017 financial year on Friday, March 10, 2017. Conservative FY17 guidance of 20% revenue growth and -9% NPAT growth trails our forecasts. Shareholders approved the FY16 and FY17 dividend plans, FY17 rights issue, FY16 and FY17 fund allocation plans, details on the Dung Quat Steel Complex and voted for a new Management Board and Supervisory Board. We currently have a BUY rating on HPG with TSR of 25.7% and a compelling FY17 PER of 5.7x