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CTD [OUTPERFORM +13.1%] - Dense backlog and steady margin bring upside - Update

We maintain our OUTPERFORM rating for CTD with total return of +13.1%. Q1 2017 bottom line of VND300.6 billion (USD13 million, +25% vs Q1 2016) and current backlog of VND30 trillion (USD1.3 billion) reinforce our view for 2017. Backlog ensures ~80% of our 2017 revenue forecast of VND26.6 trillion (USD1.2 billion, +28%). We retain our forecast of +21% 2017 NPAT-MI (VND1.7 trillion/USD76 million) and 3% EPS growth amid 18% dilution from the November 2016 private placement.