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I'm betting that isn't LP's Smartside-looks nothing like the current stuff. I've seen a masonite back that looks similar to OP's photo

re: smooth Smartside, pretty sure I recently read LP just reintroduced smooth to the market this year.

I just install smooth LP Smartside on a client's house. It is OSB-like material on the back with a smooth face.
 
Being this is a hardboard siding , I would say the majority of that buckling could have been minimized if the siding was face nailed and not blind nailed .

If it was face nailed , the top edge would be held flat by the piece above. Blind nailed , there is nothing to hold the bottom edge in place when it expands.
 
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