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CII - Strong earnings thanks to consolidation of LGC and CEE - Earnings Flash

CII’s 2017 sales were up 68.5% to VND2 trillion (USD88.1 million) while 2017 NPAT-MI surged 81.4%. These results are broadly in line with our forecasts. We currently have a MARKET PERFORM rating on CII with a target price of VND39,500, implying a total stock return of 9.7%, inclusive of a 2.9% dividend yield.