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CTD [O-PF +15.5%] - More new contracts signal strong 2017 - Update

We change our rating for CTD from M-PF to O-PF with total return of +15.5%. We believe it is very likely that CTD will be the main D&B contractor for Vincity, Vingroup’s new property brand for lower segments, which contributes to our upward revision of 2017F revenue growth forecast to +30%. 2017F GPM assumption of 8.4% is conservatively based on performance of three recent quarters.