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CTI - Stone mines, real estate to fuel long-term growth - Visit Note

2017 revenue and NPAT-MI rose 7.1%YoY and 40.4% YoY thanks to a new toll collecting project in Highway QL91, and new stone mine of Xuan Hoa, despite driver protests in Q3. 2018 revenue and NPAT-MI are expected to increase 12.7% and 10.3% YoY, respectively, on the back of higher contribution of toll collecting and stone mining segments. However, as CTI issued 20 million shares (47%) through private placement and ESOP in 2017, EPS increases much slower than NPAT-MI, with a flat growth in 20