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CII - CII Land to cement CII’s foray into real estate - AGM Note

We attended CII’s AGM on April 24, 2018 in Ho Chi Minh City. Management confirmed its prior 2018 guidance of a 208.8% YoY increase in revenue to VND6.3tn (USD278mn) and a 20.4% YoY decrease in NPAT to VND1.2tn (USD53.3mn). This is broadly in line with our current NPAT forecast of VND1.1tn (USD49.6mn) as detailed in our last update report. Management reiterated its focus on long-term NAV growth.