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VIC - Guidance achievable; further capital raising in 2018 - AGM Note

We attended VIC’s 2018 AGM on May 31, 2018, in Hanoi. VIC guided for 2018 revenue growth of +34% YoY to VND120tn (USD5.3bn) and NPAT growth of +50% YoY to VND8.5tn (USD373mn). The company’s guidance is broadly in line with our forecasts. No commentary on NPAT-MI guidance was provided, similar to prior years. VIC will issue a 21% stock dividend (100 existing shares will receive 21 additional bonus shares) for FY2017. This is expected to be executed in Q2 2018.