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HPG [O-PF +15.5%] - Construction steel ASPs rise with government support while HPG works to diversify business lines - Update

Q1 results were impressive with better than expected sales of construction steel. Q1 2016 core NPAT (excluding real estate and animal feed) grew an impressive 68.6% Y-o-Y mainly thanks to robust sales volume growth of 38% Y-o-Y and positive signs of higher ASPs starting from the beginning of March 2016, thanks to the impact of decision No. 862/QD-BCT to impose a provisional safeguard duty on steel billet and long steel imports into Vietnam.