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HT1 - [BUY +27.7% TSR] - Healthy growth in core business with strong cement sales - Update

Strong real estate market and infrastructure projects will drive growth for 2016. HT1’s FY15 revenue rose 12.6% y-o-y, nearly double management’s target growth rate. Cement sales volumes rose 16.6% to 5.7 million tonnes, which was in line with our forecast. We expect HT1 to maintain strong sales growth in 2016 thanks to continued strength of the real estate market, infrastructure projects and strong brand awareness of HT1 at Southern region.