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CTD [OUTPERFORM +13.1%] - Slowdown in construction pipeline to weigh on growth - Update

We maintain our OUTPERFORM rating for CTD but lower our target price to VND166,000 per share as slower top-line growth and margin compression dampens CTD’s medium-term earnings outlook. Our 10% top-line growth forecast for 2018 is underpinned by our 2018 new contract value assumption of around VND23tn (USD1.0bn) on top of CTD’s existing construction backlog of VND22.8tn (USD1.0mn). But we expect slower top-line growth from 2019 onward.