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VCSC Daily - Stocks retreat for second day; builders surge – HPG, PVS, KBC

HPG: Management targets conservative FY17 profit guidance, FY16 50% stock dividends and 20% rights issuance to be approved at AGM. HPG announced a BOD resolution with the main points as follows: 1) FY17 guidance: Targeted revenue is VND38 trillion (USD1.7 billion, +14% vs FY16 actual) and NPAT of VND5 trillion (USD223.2 million, -24% vs FY16 actual). We note that HPG has a track record of setting very conservative profit targets.