HPG: Strong Q1 2017 prelim guidance with 90% profit after tax growth. BUY. HPG reported strong preliminary Q1 results with revenue and PAT growing 40% and 90% vs Q1 2016, equivalent to 26% and 27% of our respective full year forecasts and fulfilling 32% the management's PAT guidance. HPG earned strong construction steel sales volume of +27.9% in 3M 2017, surpassing the 3.3% growth of the Vietnam Steel Association peer group and therefore raising its market share to 24.2%.