VIC’s Q1 2017 NPAT-MI reached VND915 billion (USD40 million), up 17% vs Q1 2016. Although the retail and hospitality segments drove top-line growth, their operating losses dragged on earnings. EBIT contribution mainly came from improved real estate margins due to deliveries of villas and shophouses. Overall, segment EBITs were broadly in line with our forecasts in the previous Update Report and we do not anticipate any significant change in our target price.