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CTD - Strong top-line growth, but margin compression continues - Earnings Flash

CTD reported strong 2017 results with revenue and NPAT-MI reaching VND27.2 trillion (USD1.2 billion, +31% vs 2016) and VND1.65 billion (USD72.8 million, +16% vs 2016), respectively. Rising construction material prices (i.e. construction steel) in Q4 2017 compressed gross margins in Q4 2017 as we largely anticipated. On the other hand, slightly higher than expected net financial income and other income helped to keep profits in-line with our full year result forecast.