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CTD - 2017 earnings continue to grow on strong backlog - AGM Note

We attended CTD’s annual general meeting (AGM) on June 29, 2017. Management targets 2017 consolidated NPAT-MI at VND1.75 trillion (USD77 million), up 23% vs previous year. 2016 cash dividend of VND5,000/share (2.3% yield) is expected to be paid in Q3 2017. Incentives for key employees based on 2016 performance will be allocated in 1.3 million ESOP shares (1.69% of current O/S, suggested issuance price of VND40,000/share) and in cash (VND104 billion ~USD4.6 million or 7% of 2016 NPAT-MI).