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HT1 [O-PF +11%] – Cement sales volume continue to surge – Update

Target price raised 1.6% to VND26,000 underpinned by a 3.4% increase to our FY15 EPS forecast (adjusted for bonus and welfare fund as per Circular 200) to VND 1,717 (+ 96% vs. FY14) on the heels of a strong 2Q. Operating profit in 2Q15 rose 55% vs last quarter and 138% vs. 2Q14. Through the first 6 months, NPAT excluding forex impact has already beat management’s full year 2015 guidance by 13% and fulfilled 55% of our old forecast.