PC1 – Update – 20190218

• PC1’s 4Q18 net profit was disappointing despite a strong recovery in the M&E segment. We are Neutral in the short-term because of an expected earnings slowdown in 2019 but are positive over the long-term based on a series of new projects in both the real estate and hydro segments as well as a potential rise in M&E contracting volume. Maintain Add with a TP of VND28,400.

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