We reiterate a BUY rating for HSG with 24.5% total return. Official five-year anti-dumping tariff takes back playing field for local galvanized steel producers. HSG’s top position in galvanized steel continues to bolster 34% FY17 top-line growth. Margins compress as input costs rising above FY16 low-base leads to 19% FY17 NPAT growth. Minimal impact from Prime Minister’s decision to halt Hoa Sen Ca Na Steel Complex project. - Attractive FY17 PER of 5.6x given best-of-breed profitabilit