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HT1 [BUY +28.2%] - Sales volume and margin recovery puts HT1 back on track - Update

We upgrade HT1 from OUTPERFORM to BUY and raise our target price by 14% to VND16,800 per share given that HT1 successfully put the brakes on volume growth deceleration as well as pushed up gross margin in Q2. The local cement industry’s strong export activity eased domestic competition and helped HT1 to improve Q2 sales volume, reaffirming our flat top-line forecast for 2018 at VND8.1tn (VND352mn).