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HSG - Normalized gross margin offset by low effective tax rate - Earnings Flash

HSG’s released full Q1 FY17 results with NPAT of VND440 billion (USD19.6 million, +135% vs Q1 FY16), the same as preliminary results announced last month. Though both sales and bottom line were in line with our expectations, we see discrepancies between Q1 FY17 gross margin and effective tax rate compare to our FY17 forecasts, which we need to discuss further with the company. We will likely maintain our OUTPERFORM rating for HSG.