HT1 - BUY - Rating and TP raised as 1Q beats expectations on stronger-than-expected volume growth - Update
We upgrade to BUY and raise target price to VND25,600 (from VND22,300) following a 10% increase to our FY15E EPS to VND1,847 (+90% vs. FY14). HT1’s 1.1mn tonnes cement sales volume in 1Q beat our in-house forecast by 10%. With 1Q typically the lowest season, we expect further ramp up that prompts a raising of our full year volume forecast. We are no longer modelling for VND depreciation against the EUR given continued weakness in the latter currency.