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HT1 - Strong sales but core earnings likely compressed - AGM Note

We attended HT1’s AGM for 2017 on Thursday, April 27, 2017 in Cam Ranh province. Cautious 2017 guidance of 23% revenue growth and -9% NPAT growth. Q1 2017 results reflected the full year guidance of a strong top line but weak bottom line.. Shareholders approved a 2016 dividend of VND1,000 per share (yield 4.5%), the first cash dividend since 2011. Q&A section shed no light on the margin compression nor progress on the Thu Duc real estate project. As 2017 NPAT guidance and Q1 results