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PC1 - Traditional segments fail to meet expectations - Earnings Flash

PC1 released weak Q4 results which showed 2017 revenue increased 5.2% YoY to VND3.2 trillion (USD139 million), but 2017 NPAT dropped by 22.5% YoY to VND237 billion (USD10.4 million). Revenue and profit met 81.1% and 77.7% of our 2017 forecasts, respectively. The disappointing earnings resulted from 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. We may revise down our 2018