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PC1 - Real estate segment continues to drive strong Q3 - Earnings Flash

PC1 released 9M 2018 results in which revenue and NPAT rocketed by 55.5% YoY and 127.6% YoY, respectively, and completed 69.9% and 86.9% of our respective 2018 full-year forecasts. 9M 2018 earnings growth mainly came from the contribution of new hydropower plants and a real estate booking from the My Dinh plaza 2 project. However, the grid erection & installation segment did not recover given weak 9M 2018 gross profit (-42.0% YoY). As a result, we anticipate an upward adjustment