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HPG - Solid Q1 result from top to bottom - Earnings Flash

HPG released strong Q1 2017 financial results with net revenue and NPAT reaching VND10.3 trillion (USD450.2 million, +44% vs Q1 2016) and VND1.9 trillion (USD84.9 million, +90% vs Q1 2016), respectively. Continuing strong construction sales volume and high gross margin compared to Q1 last year were the main drivers for growth. The earnings results are equivalent to 27% of our respective full year forecast and fulfil 32% management's guidance. With results coming broadly in line with our forecast