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HPG - OUTPERFORM - Import competition colours tone of management - Update

We downgrade HPG from BUY to Outperform and revise our TP by 10% to VND60,100 (upside 13.4%, TSR 15.3%) to account for the further lower margin which we highlighted in earnings sensitivity table ( Fig 16, p.25, HPG notes 4 Dec 2014). HPG is trading at PER 9.2x on our EPS forecast of VND5,791/sh, still 29% discount compared to its regional peers. Outperform.