PC1 – Update – 20180529

• PC1 reported an improvement in its performance during 1Q2018, driven primarily by the contributions from its hydropower segment and from equipment trading. The company only completed 14.5% of its annual profit after tax target, but we project that PC1 will see its earning surge in Q2 due to the recognition of revenue from My Dinh Plaza II.
• We reduce our target price to VND40,700/share (-3.4%) due to a change in the risk-free rate and equity risk premium applied

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