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NTC - Cash-rich industrial park plans HSX listing as it expands - Company Report

We expect 2017 revenue to increase 15% YoY thanks to a 12% YoY increase in average leased area. This will bring NTC’s occupancy rate to 98%, which will limit 2018F revenue growth. 2017 NPAT and EPS are expected to slide 0.6% due to the absence of a land rental reversal of VND18 billion (USD0.8 million) as happened in 2016. Excluding this, NPAT and EPS would have increased 15% YoY.