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VCSC Daily - Mixed Q4 results send stocks lower - NT2, SAB, HSG, MSN, NVL, PLC

NT2: Issues three million ESOP shares. NT2 announced that it plans to issue three million ESOP shares in Q1 2017, a move that was approved at the 2016 AGM. This amount accounts for 1% of current outstanding shares and will be locked for one year. Therefore, dilution will be very limited. We currently have a BUY recommendation for NT2 with an expected 10% discount rate for Nhon Trach 3 risk in our coming update note and a TSR of 24.9% inclusive of a dividend yield of 8.6%.