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PPC [BUY +58.0%] - Huge cash on hand ensures attractive cash dividend - Update

Company Research

05 Nov 2018

We maintain a BUY rating, but trim our target price by 1.5% from 26,500/share to VND26,100/share. Both 2018 reported and recurring earnings forecasts are 2.7% higher than our previous forecasts as we raise our 2018 sales volume assumption for Pha Lai 1 by 14.6%. We project 2018 recurring earnings to be flat as higher sales volume and a recovery of the competitive generation market price compensate for lower interest income and a higher tax rate.
Tags: PPC

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