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GTN [O-PF +15.9%] - The pieces are starting to come together - Update

We downgrade our rating for GTN to OUTPERFORM and lower our TP by 12% due to reduced earnings at Vilico and a lower estimated issuing price in a recently completed private placement. Vilico’s consolidation and Vinatea’s branded products will be key drivers of FY17F EPS +114%. We project Vinatea to contribute VND39 billion NPAT in FY17F vs VND15 billion in FY16F. We forecast Vilico’s NPAT to organically grow 16% and account for 40% of GTN’s FY17F NPAT.