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HT1 - Management exudes confidence for strong 2015 at AGM, no dividend until 2017 to pay down debt - AGM Note

Company Research

24 Apr 2015

We attended HT1’s AGM. Attendance was sparse likely because it was held in Cam Ranh and that AGM materials were released earlier this week. Management guided for a 6% increase in revenue and 13% growth in PBT (on core basis) with EBITDA margin target set at 22% (low in our opinion). Management was very confident in surpassing FY15 target and for good reason – 1Q results were much better than expected, despite being the low season due to the two weeks off from LNY holiday.

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