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CII [BUY +29.4%] - Solid long-term growth prospects; dilution risk fading - Update Report

We upgrade our rating on CII to a BUY and raise our target price by 6.3% to VND42,000, implying a total return of 29.4%. Our target price revision is mainly due to (1) DCF roll-over and (2) a lower risk-free rate. We forecast 2018 revenue to surge 86.9% to VND3.8tn (USD167mn), driven by (1) a 22.1% contribution to revenue from the Lakeview 1 project (a low-rise residential project in Thu Thiem, 100% pre-sold) and (2) revenue recognition from the Thu Thiem BT project.