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GTN - Pig farming business hurt earnings - Earnings Flash

GTN announced 2017 NPAT of only VND14 billion (USD635,000), 10% lower than FY16 NPAT of VND16 billion (USD704,000) and 67% below our FY17 forecast of VND44 billion (USD1.9 million). This is mainly due to (1) larger-than-projected losses in its pig farming business and (2) lower-than-projected dairy sales in Q4 2017. We foresee a downside to our target price for GTN mostly driven by the results of the dairy business, which is GTN’s most important asset.