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HPG - ADD - Solid long-term growth outweigh short-term concerns - Initiation

We initiate coverage on Hoa Phat Group (HSX: HPG), with a ADD recommendation and a target price of VND20,700 per share suggesting 10% upside from its current price of VND18,900 per share. Our target price implies a 7.0x FY2012E PER and 4.6x FY2013E PER and expected cash dividend yield of c.11%.