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PC1 [M-PF +6.2%] - Strong backlog secures 2017 earnings - Update

We maintain our target price of VND38,500, but change our rating from BUY to MARKET PERFORM with a 6.2% upside as the share price has risen 18.7% since our last report. Lack of contribution from real estate dragged on H1 results (revenue -11.9% YoY/NPAT -40.2% YoY). Excluding real estate, revenue and NPAT increased 19.3% YoY and 11.8% YoY. H1 NPAT completed 36.5% of our full-year forecast, but the construction business usually books revenue and earnings toward year end.