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HPG - BUY - Most profitable, undervalued - Update

We upgrade HPG from HOLD to BUY as declining input prices and the increased efficiency of the BOF factory enable us to increase gross margin and profit projection for HPG significantly. HPG’s market share has improved 80bps YTD to 14.5%, and 8 months’ sale volume grew 7% vs. industry’s 2%, proving the strategy to gain market share by lowering ASP is working.