2014 was a tough year for HSG but it is implementing strategies to defend itself against any adversity and target a growth strategy by doubling its distribution network and approved a capex plan of US$120mn on two new facilities, kicking off in FY15. Non Rated: At current price, HSG is trading at PER 10.3x on company guidance’s FY15E EPS of VND4, 500 (+6% vs.2014).