PC1 held its AGM on April 23. Management addressed shareholder complaints regarding investor relations and satisfied most questions. The company set conservative guidance for 2017 with revenue growing by 19.3% YoY and flat NPAT due to a lack of contribution from the real estate segment. Weak Q1 results (revenue -23% YoY and NPAT -40% YoY) were due to a lack of contribution from real estate, which we expected, and they do not change the company’s outlook.