HPG [O-PF +14.2%] - Benefits to flow from scale and Government support - AGM Note

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We attended the HPG’s AGM on Mar 31. The company saw an impressive performance in 1Q16 with impressive revenue and NPAT and our view on HPG’s medium-term prospects remains positive on the back of strong sales growth thanks to continued strength of property market, infrastructure projects and HPG’s top position. Our target price for HPG, therefore, remains intact at VND32,600 per share and maintain our OUTPERFORM recommendation on HPG shares.
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