HPG released record-breaking FY16 results with net revenue and NPAT reaching VND33.3 trillion (USD1.5 billion, +21.2% vs FY15) and VND6.6 trillion (USD293 million, +89.4% vs FY15), respectively, which beat our respective forecasts by 6% and 10%. These strong results were driven by expectation-smashing construction steel sales volume and improved GPM due to low-cost iron ore forward buying. With continuing vibrant domestic construction activity and HPG’s determination to overcome its capacity