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VIC - Management cautious with 2017 target - AGM Note

We attended VIC’s 2017 annual general meeting (AGM) on Wednesday, April 26, 2017. Management guided 2017 revenue and NPAT of +39% and -15% vs 2016, respectively, without any detailed explanation. We think that handovers at key property projects will fuel 2017 revenue growth while an operating loss of the expanding retail business segment will drag on bottom line. Shareholders reapproved VIC’s plan to issue new shares when Warburg Pincus (WP) exercises its exchange rights of USD302 million