Hung Thinh Incons is a small construction contractor that had a 2018 net revenue of USD174mn. Thanks to its relationship with its largest shareholder Hung Thinh Corp (a HCMC-based residential developer with a focus on condo and low-rise projects), HTN recorded a 148% NPAT-MI CAGR during 2015-2018. HTN targets a 2018-2021F NPAT-MI CAGR of 20% that is premised on its expanding backlog (which is mainly driven by Hung Thinh Corp) and profit contributions from a condo project in 2019.