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CVT - NON-RATED - Future growth bolstered by construction sector recovery and capacity expansion - Company Brief

CVT specialises in manufacturing and sales of ceramic tiles predominantly in Northern Vietnam. Competitive advantages: Endorsed Italian technology, continuous push in R&D, diversified product portfolio and established brand name in the North (almost 90% of revenues). Strong finish to FY14: NPAT soared 2.8x vs. FY13 thanks to GPM improvement and efficient cost control. Capacity expansion in 4Q15 by 50% and the recovery of construction sector, spurring demand for construction materials