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POW - Solid results despite aggressive expense booking - Earnings Flash

POW released its official Q1 results which greatly surpassed preliminary guidance (reported NPAT growth of 11% YoY). Revenue and reported earnings grew by 12.0% YoY and 37.6% YoY, respectively, equivalent to 25.9% and 29.3% of our full-year forecast. Noticeably, recurring NPAT grew by 49.2% YoY, achieving 29.3% our 2018 forecast. We may increase our profit forecast for POW and maintain a BUY rating, but we may also reduce our target price slightly to factor in a delay of the Nhon Trach 3 & 4 pro