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CEE [NON-RATED] - Construction arm of CII will debut on HOSE - Listing Note

CEE will list on May 15 with a reference price of VND22,300 per share. CEE is a medium-sized construction company under parent company CII and has the advantage of being able to get construction contracts from CII and its related companies. Current backlog of VND4 trillion (USD175 million) supports 2017 guidance for VND1.7 trillion (USD74 million) in revenue and VND102 billion (USD4.5 million) in NPAT, up 102% and 86% vs 2016, respectively. The listing reference price is 9.7x management