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HDG - OUTPERFORM - FY15 NPAT target below expectation, to issue VND1,000bn worth of corporate bonds - Update

FY15 NPAT (before minority interest) target has been set at VND179.4bn (+10% yoy), 11% lower than our latest forecast. We believe the NPAT shortfall of VND25bn comes from fresh construction delays on the Z756 project, which will defer all revenue recognized from this project to 2016 and beyond. We now expect gross profit to stay flat, and NPAT to grow by 10%; profit growth will be driven by higher utilisation of hydroelectric power plants.