PPC- Sales volume: strong in 1Q20, solid in FY20F – Update
- 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.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND24,500
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VND27,400
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8.2%
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ADD
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UTILITIES
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