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PPC [U-PF -10.2%] - Strong output from hydropower sector hurts performance - Update

Company Research

19 Oct 2016

We cut our target price by 12% and downgrade from M-PF to U-PF. Although the current valuation is not demanding, robust output from hydro power plants is affecting earnings growth more strongly than we expected and a strengthening yen may even reduce dividend payment capacity.
Tags: PPC

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