We maintain our optimistic stance on HPG after the release of Q2 financial results and a company visit. We believe the fair price for HPG should be VND66,568 (upside 21%). FY14 will be a strong year and thereafter we prefer to focus on 2016 when capacity expansion will help HPG to grow and to capture market share. In the medium-to-long run, HPG targets to expand in both the Central and Southern Vietnam market and the ASEAN markets.