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PET - ADD - Increased commitment from Samsung - Update

Although PET’s sales is expected to improve strongly in 2H from the renewed contract with Samsung, its profit attributable to shareholders might be cut in as PET recently reduced ownership by 15% in PSD, the profit contributor from key Samsung products. Gross margin of PSD also weakens amid competitive environment, down to 6.0% compared to 7.3% last year. We reduce target PER from 8.5x to 7.5x translating into 12M target price of VND26,000 on back of 12m forward EPS of VND3,446.