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CII [OUTPERFORM +19.3%] - Thu Thiem real estate affirms earnings outlook - Update

We reiterate an OUTPERFORM (O-PF) rating for CII with total return of 19.3%. 9M 2017 results were in-line with our expectation. We forecast 2017 consolidated NPAT-MI of VND1.45 trillion (USD63 million, +73% vs 2016), mostly driven by H1 2017 non-cash financial gains following consolidation of CII Bridges & Roads (LGC) and CII Engineering & Construction (CEE).