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HT1 - BUY - Construction recovers, debt and FX loss eases - Initiation

We initiate on HT1 with a BUY recommendation at the target price of VND19,300 (upside 60%). We believe FY14 is the start of a growth phase for HT1 after three years spent in the red as interest expenses and forex losses ate up all operating profits. We forecast EPS CAGR of 46% FY15-18E driven by HT1’s strong market position in the southern market to take advantage of recovery in the construction segment and the recent restructuring of debt and the completion of VND500bn FX loss amortization.