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HAG - BUY - Coming off the bottom - Update

Investors have started to rerate the shares of Hoang Anh Gia Lai (HAG) as its rubber plantation and sugarcane operations start to generate positive cash flow. While its 4Q and 2012 full-year results appear to be negative, we believe that HAG is now emerging from its worst period. 2013 will not see much revenue growth, but margins should improve. The stock remains cheap and we can foresee it rising further on potential catalysts.