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HT1 - Management exudes confidence for strong 2015 at AGM, no dividend until 2017 to pay down debt - AGM Note

We attended HT1’s AGM. Attendance was sparse likely because it was held in Cam Ranh and that AGM materials were released earlier this week. Management guided for a 6% increase in revenue and 13% growth in PBT (on core basis) with EBITDA margin target set at 22% (low in our opinion). Management was very confident in surpassing FY15 target and for good reason – 1Q results were much better than expected, despite being the low season due to the two weeks off from LNY holiday.