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CTD [OUTPERFORM +12.2%] - At an inflection point - Update

We reiterate an OUTPERFORM rating for CTD but cut our target price by 3%. H1 2018 results were in-line with our expectation, but peer P/E ratios have declined. We maintain our 10% top-line growth forecast for 2018 and forecast a 3% drop in 2018 NPAT-MI to VND1.6tn (USD69.8mn) due to ongoing margin compression. Stock market sentiment is positive on Vincity’s contribution and the OneCTD initiative, while we do not yet include them into our forecast bottom lines due to limited information.