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HPG [BUY +20.0%] - Iron ore price rebound to buttress H2 earnings - Update

We reiterate BUY rating for HPG with 20% total return and increase our target price to VND39,700 thanks to brighter outlook on iron ore prices and construction steel selling prices trend. H1 2017 revenue grew 37% thanks to 30% construction steel volume growth while high base effect and iron ore price weakness weighed on margins, leading to 14% NPAT-MI growth vs H1 2016.