CSM - Results normalized from H1 2015’s one-off profits - Earnings Flash
CSM’s H1 2016 core NPAT rose 9.0%. NPAT declined 22.8% because CSM had booked an extraordinary gain of VND60 billion (USD2.7 million) from real estate divestments in H1 2015. Results came in within our expectations, with flattish business performance. We do not expect material changes to our target price, and therefore, reiterate our MARKET PERFORM rating on CSM. We will issue a detailed update on CSM following its analyst meeting this Saturday (July 23, 2016).