We have OUTPERFORM recommendation with an unchanged target price of VND38,500 for PC1 despite reducing our earnings forecast for 2017 by 5.0%. We expect strong Q4 results as the construction business usually books revenue and earnings toward year-end. 2017 NPAT should be flat due to lack of contribution from real estate. Excluding real estate, 2017 NPAT will grow 23.5% YoY thanks to the contribution of two new hydropower plants.