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CTD - Depressed margins continue to weigh on earnings - Earnings Flash

CTD reported weak Q1 2018 results, with flat revenue growth (VND4.3tn/USD190mn, +1% YoY) and negative NPAT growth (VND290bn/USD12.8mn, -3% YoY). We believe slower top-line growth was due to a dwindling construction backlog and new signed contract value. On the other hand, GPM slightly recovered to 6.6% from the record low of 6.4% in Q4 2017, but remained depressed compared to peak margins of 8.8% in Q1 2017.