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HT1 [BUY +36.3%] - Looking beyond the expected turbulence - Update

We upgrade HT1 to BUY. Gross margin is starting to rebound while the stock price has fallen 10.8% since our previous update to an attractive valuation. Decent cement volume growth of 7.2% in H1 2017 despite the industry staying flat. Q2 2017 GPM continued to be depressed by outsourcing activity compared to last year but improved 2 ppts vs Q1 2017 thanks to HT1’s effort to optimize its material consumption. Reported H1 2017 NPAT-MI dropped 40% to VND225 billion (USD9.9 million) vs H1 2016