Company Report

High occupancy for Becamex Investment & Industrial Development Corp (BCM: Upcom)

Lackluster 4Q but benefits from EV-FTA

4Q miss; hit hard by competition from Bamboo Air and delayed sales/leaseback bookings for Airbus deliveries

Strong momentum to carry over to 2020E

December construction steel consumption hits 285,000 & 2.77 million tons for 2019 Strong gains in the Southern region & more than doubling tonnage from 2018 Phase 1 trials complete for Dung Quat & over 80% of phase two near completion

Cannot escape from negative growth in 2019

After two years of construction, the project Dung Quat - Hoa Phat has almost finished the workload of the phase 1 and 80% of the phase 2.

Accumulated profit after tax in the first 11 months of 2019 (11M19) reached 99% of full-year targets

Full-year targets reached a month early

PVPower’s (POW:HOSE) November electricity output reached 2,014 million kWh or 103% of the monthly target and pushed total output for 11 months to 20,642 million or 96% of the full-year target