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LHG - New well-positioned IPs start to pay off in late 2018 - Company Report

We expect 2018 revenue to soar 43.1% YoY and NPAT-MI to rise 36.3% YoY thanks to 20 ha of land transferred in 2018 (vs a net 7.4 ha in 2017) and a 20% increase in leasing price. However, 2018 EPS is expected to slide -0.5% YoY mainly due to a 1:0.87 rights issue last year. The key driver is a new IP of 90 leasable ha - Long Hau 3 Phase 1. It is expected to generate cash over 2018-2020 starting from Q4 2018.