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PC1 [BUY +20.6%] - Strong 2018 recovery expected off weak base - Update

We maintain our target price for PC1 at VND38,600/share, which implies a BUY rating with total return of 20.6% while the share price has declined 7.5% since our previous update. PC1 released disappointing 2017 earnings (-22.5% YoY), due to the grid erection & installation and steel pole segments, as the National Transmission Line’s disbursement for transmission lines and transformers continued to slow in 2017.