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CII [BUY +31.7%] - Multiple catalysts for 2019 in real estate and toll segments - Update

We reiterate our BUY rating on CII but trim our target price by around 4% to VND34,900, implying a one-year total stock return of 31.7%, with no dividend yield. Our target price revision reflects some planned capex being brought forward and a lower margin assumption for some real estate projects. Our valuation is also negatively affected by a higher risk-free rate and market risk premium.