CTR announced Q1 2021 results, in which revenue and NPAT-MI surged 27% YoY and 41% YoY, respectively. All four segments — Telecom Operation, Towerco, Construction, and System Integration — contributed to these robust growth rates. Overall, CTR’s results are tracking ahead of our expectation — especially in the Telecom Operation and System Integration segments. As such, we see potential upside to our current projections, pending a fuller review.