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HPG [BUY +32.3%] - Expectation-smashing 2016 hard to repeat - Update

We maintain our BUY rating but lower our TP by 10.2%. HPG delivered its best ever 9M result with reported NPAT growth of 59.3% Y-o-Y, propelled by a robust building industry and good management of input costs. We expect lower margins from 2017 onward as input material prices move off historical lows and sheltered a domestic pricing environment shows less spring than we anticipated.