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SKG [BUY + 27.0%] - Strong 2016 earnings momentum to continue - Update

We revise down our TP by 10.4% due to faster than expected diesel oil price recovery but reiterate our BUY rating for SKG with 27.0% TSR due to strong passenger volume growth. We expect 17.8% growth in passenger volume in 2017 to deliver strong FY17F NPAT growth of 12.3%, particularly in light of the new casino decree allowing Vietnamese citizens to gamble in-country for the first time stating in Q2/Q3 2017.