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HPG [BUY +27.4%] - Poised for new growth phase - Update

We reiterate our BUY rating for HPG and raise our target price 18% to VND47,000/share as we expect solid Q4 2017 performance and new growth engines start to kick in next year. 9M 2017 revenue grew 43% due to 32% construction steel volume growth and a strong Q3 selling price rebound, leading to 21% NPAT-MI growth vs 9M 2016 to VND5.6 trillion (USD247.2 million).