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PC1 [OUTPERFORM +11.3%] - All segments are ready to boost 2018 growth - Update

We have OUTPERFORM recommendation with an unchanged target price of VND38,500 for PC1 despite reducing our earnings forecast for 2017 by 5.0%. We expect strong Q4 results as the construction business usually books revenue and earnings toward year-end. 2017 NPAT should be flat due to lack of contribution from real estate. Excluding real estate, 2017 NPAT will grow 23.5% YoY thanks to the contribution of two new hydropower plants.