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HT1 - Weak gross margin weighed on Q1 bottom-line - Earnings Flash

HT1 released Q1 2017 results with net revenue and NPAT reaching VND1.9 trillion (USD83 million, +8.8% vs Q1 2016) and VND109 billion (USD4.7million, -17% vs Q1 2016), respectively. This earnings result completed 18% of HT1’s full year guidance while meeting 13% of our respective forecasts. Gross margin squeezing was the major reason for weak bottom line and we are likely to revise down our forecasts for HT1 in the next report.