CII posted Q1 2018 results with revenue of VND680bn (USD30mn, +386% YoY) and NPAT-MI of VND2.2bn (USD97,000, -99.8% YoY). The plunge in NPAT-MI was due to a high base in Q1 2017 as CII benefited from financial gains of VND1.2tn (USD53mn) from consolidating LGC. Although this result trails our full-year forecast of VND1.1tn (USD50mn), it is still in line with our expectations as we assume 2018 earnings will be skewed to Q4, when the company expects to recognize revenue from its Lakeview 1 real es