Management openly discussed plans for recently acquired businesses during today’s AGM. VLC consolidation will bolster FY17 EPS growth guidance of 184%, in line with our forecast. GTN’s preliminary Q1 2017 NPAT before MI reached VND35 billion (USD1.5 million, +268% vs Q1 2016), underpinned by the consolidation of VLC, whose Q1 2017 NPAT before MI rose 14%. West Ocean Investment (24.4% stake in GTN currently) was approved to raise its ownership to over 25% without a tender offering.