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HPG - Resilient margins sets the tone for a strong year - Earnings Flash

HPG announced that its Q1 2018 revenue rose 25% vs Q1 2017 to VND13.0tn (USD573mn) while PAT grew 14% to VND2.2tn (USD96.9mn). This result was in-line with our forecasts as it met 24% of our full-year 2018 earnings expectation of VN9.4tn (USD413mn, +17%). As Q1 results came in broadly in-line, we do not foresee significant changes to our 2018 forecast and target price for HPG.