PVS posted 2017 results with revenue and NPAT-MI dropping 10.5% and 22.9%, respectively. The drop in bottom line was mainly due to 1) heightened expenses from bad debt provisioning that lowered operating profit and 2) lower shared profit from JVs. 2017 NPAT-MI beat our forecast by 9.5% due to higher-than-expected non-operating profit from the guarantee provision reversal of Mechanics & Construction (M&C) projects while all segments performed very badly in Q4.