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CII [O-PF +19.4%] - Stable income from toll collection and strong financial gains should boost H2 earnings - Update

Sluggish H1 2016 results are within expectation and we maintain our full-year earnings growth forecast for 2016. We also update our sum-of-parts valuation to derive a new target price of VND32,100 per share, leading to a O-PF rating for this stock. H1 2016 NPAT fell due to one-off profit in prior periods. Consolidated net revenue declined 32% Y-o-Y due to low construction revenue. H1 financial income fell 41% Y-o-Y because of large revaluation gains last year.