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CII [O-PF +18.2%] - Strong pipeline of projects marks busy 2017 - Update

We reiterate an O-PF rating with total return of +18.2% inclusive of an attractive 6% dividend yield. We expect 52% 2017 EPS growth driven by financial gains from the ongoing restructuring process in LGC and CII E&C. We forecast 325% 2018 revenue growth due to recognition of sales from the Lakeview low-rise residential projects in Thu Thiem. However, we expect 2018 EPS to decline 7% as we do not expect any further non-cash financial gains.