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NT2 [OUTPERFORM +17.9%] - Maintenance expense comes in well below budget - Update

We raise our target price for NT2 by 15.6% and issue an OUTPERFORM rating with 17.9% total return due to impressive savings from its first major maintenance and a higher target P/E. We raise our forecast for 2018 reported and recurring NPAT by 2.7% and 2.8% vs our previous report thanks to lower major maintenance expense. NT2 confirmed a minimum cash dividend of VND2,500 (7.3% yield) per share for 2017 and it could be higher if the EUR depreciates in late 2017.