We maintain a MARKET PERFORM (M-PF) rating for CII as its share price has rallied 43% YTD. We forecast 2017 NPAT-MI of VND1.4 trillion (USD62 million, +68%) mostly driven by non-cash financial gains on re-measurement to fair value of previously held investments in CII Bridges & Roads (LGC) and CII Engineering and Construction (CEE) when CII re-onsolidates them this year. • Strong Q1 2017 consolidated bottom line was predictable amid the aforementioned gain. • Our sum-of-parts valuation is d