We maintain our OUTPERFORM rating for CTD with total return of +18.7%. End-June backlog of VND26.2 trillion (USD1.15 billion, +17% vs a high end-2016 base) reinforces our 2017 revenue forecast of VND26.6 trillion (USD1.2 billion, +28%). - Higher interest income due to large cash balance partly offsets a slowdown of profit margin from last year’s high base. We forecast +19% 2017 NPAT-MI (VND1.69 trillion/USD74 million). 2017F P/E of 9.5x looks appealing in light of CTD’s leading position