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CII [BUY +26.5%] - Low Q1 earnings should not alter investors' position - Update

We reiterate our BUY on CII. Sluggish Q1 2016 earnings do not reflect our sum-of-parts valuation or change our long term view. Low Q1 NPAT was predictable: Q1 2016 NPAT fell 85% from Q1 2015 to VND25.7 billion (USD1.1 million) mainly due to higher interest expense related to exchangeable bonds issued to Metro Pacific Tollways Corporation (MPTC) which are converted into shares of CII Bridges & Roads Investment JSC (LGC) in Q1 and Q3 this year.