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REE - Power, M&E fuel strong profit, but slightly below forecast - Earnings Flash

REE released strong 2017 results in which revenue and NPAT jumped 36.5% YoY and 26.0% YoY, respectively. 2017 NPAT-MI was lower than our forecast by 6.9% as (1) REE booked another provision of VND55 billion (USD2.4 million) for Quang Ninh power plant in the last quarter of 2017, (2) earnings of SaigonRes (REE has a 28.9% stake) were lower than our forecast by 31.5% as SaigonRes Plaza’s delivery was slower than company guidance. However, SaigonRes guided 2018 PBT to increase by 70%. We expect to