VJC’s 9M 2017 total revenue and NPAT grew 16.1% and 39.7%, respectively, vs 9M 2016. This was driven by (1) robust international route expansion, which led to strong growth in passenger numbers and boosted ancillary revenue and (2) effective cost control. We will likely revise our forecasts upward in our next update report given VJC’s 9M 2017 results are slightly ahead of our expectations, and management’s latest 2018 guidance for its core business is materially higher