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PPC- Sales volume: strong in 1Q20, solid in FY20F – Update

Company Note 04/06/2020    171

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  • 1Q20 revenue reached VND2,233bn (+30.7% yoy) thanks to strong sales volume but net profit fell 44% yoy to VND135.2bn on higher input material costs.
  • We raise FY20F EPS forecast by 6.6% on the back of a 15% increase in sales volume forecasts and higher dividend received from its affiliate (HND).
  • Reiterate ADD with DCF-based target price of VND27,400/share.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND24,500

VND27,400

8.2%

ADD

UTILITIES

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