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AAA - Capacity expansion to remain key theme - Visit Note

We recently attended the company’s AGM and learned the following: AAA set a very ambitious 2018 plan at VND6tn in consolidated revenue (USD265mn, +46.3% YoY) and VND300bn (USD13.3mn, +34.5% YoY) in NPAT for its parent company. We expect it to complete such plan given expansion of both the parent company and its subsidiaries. 2018F EPS would be VND3,589, +31.5% YoY compared to 2017’s fully diluted EPS.