VSC – 1H2017: Revenue grew 20.6% yoy. Gross profit margin (GM) depressed by 4.6% pts to 31.2% due to higher operating costs.

■ 1H2017 revenue achieved VND606.9b (+20.6% yoy) while EAT retreated to VND135.1b (-10.6% yoy).
■ The industrial production picture of Haiphong is brighter compared to 1H2016
■ We revise expected revenue to VND1,344b (+5.7% vs previous forecasts) because VGP could handle more throughput compared to our last expectation.