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VSC [BUY +36.4%] - VIP Green port to ride Hai Phong FDI boom - Initiation

We initiate VSC with a BUY RATING and +35.6% total return. 12.4% expected drop in 2016 EPS is due to a surge in reefer container revenue in 2015. We expect 33.1% sales growth and 36.2% EPS growth in 2017, driven by the rising capacity utilization of VIP Green port, the second berth of which is currently being commissioned. Hai Phong ports will continue to ride the boom in FDI disbursements into the area.