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HT1 - MARKET PERFORM - Drastic slide in EUR lead to surprise FX gains - Update

HT1 reverses to a gain of VND77.7bn from a 3Q13 loss of VND72.bn on the back of FX gains due to a 8.3% slide in EUR/VND rate from Jun to Sep. Also, strong volume growth in 3Q was encouraging pushing the YTD volume to 74% of our very attainable FY14 target of 4.7mn tons given seasonal peak 4Qs. However, GPM in 3Q has not recovered to the levels before the Binh Phuoc plant shutdown.