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TCM - Margin expansion and one-off land sale boost earnings - Earnings Flash

H1 2017 revenue rose only 2% vs H1 2016 to VND1.55 trillion (USD67.9 million) while NPAT-MI surged 136.9% vs H1 2016 to reach VND118 billion (USD5.2 million). Margin improvement in exports and a one-off sale of 10 ha of industrial park (IP) land at Xuyen A IP in Long An Province were the key drivers to bottom line growth. As this result is broadly in line with our full-year forecast, we will likely maintain our OUTPERFORM rating for TCM.