We initiate on PPC with M-PF rating & DCF-derived TP of VND20,600. The granddaddy of listed power producers will see significant bottom line improvement in the next two years thanks to fully depreciated assets in 2016 and 95% jump in contribution from associates during this period. In 2016 we see PPC’s PER move to 6.6x on an expected ROE 16.2% and est. dividend yield 10%. This coupled with PPC’s EV/MW 55% discount compared to its domestic peers makes it compelling.