Give us your feedback

PPC – Update – 20180508

Company Note 08/05/2018    139

Share

  • PPC reported good Q1 numbers due to lower loss fromrevaluation of foreign debt. Prepayment of borrowings in  JPY has proved to be beneficial to the company as PPC’s performance has become more stable compared to the past. We maintain our target price but re-rate the stock to ADD because of the recent slide in the company’s share price in line with the overall marketeven as fundamentals look stronger due to less forex risk.
  • We maintain our target price at VND22,300/share based on a target EV/EBITDA multiple of 9.5x, (in line with peer average) and our latest forecast for 2018 results unchanged.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND19,000

VND22,300

7.9%

ADD

UTILITIES

 

Please follow this link for the full report

DMCA.com Protection Status