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PC1 [BUY +20.8%] - Solid execution by hydro, real estate warrants a BUY - Update

We trim our target price slightly by 3.2% to VND30,200/share, mainly due to higher WACC, but reiterate a BUY rating with total return of 20.8%. The grid segment still faces challenges due to changes in the sector’s regulated cost, but valuation looks cheap and the outlooks for the hydro and real estate segments are solid. We project earnings to nearly double in 2018 thanks to a real estate booking and a new hydropower contribution. We raise our 2018 earnings forecast by 7.5% due to a higher