PGD - ADD - IPZ pipeline monopoly - Initiation

Company Research

25 Feb 2011

We initiate on Vietnam’s only listed IPZ pipeline with an ADD rating and a DCF-derived target price of VND43,000, which represents a 20.0% upside to the closing price of VND36,000. The stock trades at an undemanding 5.1x FY11E PE.
Tags: PGD

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