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HPG - ADD - Market share gains at the expense of ASPs - Update

We downgrade HPG to ADD as the stock price has increased 12% since our BUY recommendation on 18 October, leaving an upside of only 12% and our forecast unchanged, given the company’s 9M13 results (+78% yoy) has met 76% our full year forecast. As we roll over 1 quarter to reflect on our 12 months target price, we increase our core valuation from VND41,400/share to VND42,700/share. Adding the real estate value of VND2,641/share, we derive the target price of VND45,300. ADD