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HDG - Technical selling pressure, fundamentals intact - AGM Note

App. 651,000 ESOP shares (1%) will be issued at VND10,000/share in 2Q15 with no lock-up period and MoD’s divestment is planned at the end of 3Q15, creating selling pressures given low liquidity of stock. Revealed budget of VND1,178bn for FY15 land use fee payment, we expect around VND900bn is for Z756 – low-rise components, VND200bn for Ha Do Villas and VND78bn for other projects.