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CTD [OUTPERFORM +15.6%] - 2018 guidance revised up; Ricons merger in the cards - AGM Note + Update Report

We maintain our OUTPERFORM rating for CTD and keep our target price broadly flat at VND165,000, as Q1 2018 results were in-line with our expectations and management’s comments from its AGM on June 2 appeased market concerns regarding a rumored internal dispute. We maintain our 10% top-line growth forecast for 2018, as well as our forecast of a 6% drop in 2018 NPAT to VND1.6tn (USD69mn) due to ongoing margin compression. Management raised targets for revenue, NPAT