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PPC- We like PPC for its healthy balance sheet and high dividend yield – Re-initiation

Company Note 15/08/2019    183

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  • Stable operation despite its aged power plants.
  • Reduced exposure to coal shortage risk.
  • We expect higher dividend receipt from its associates.
  • Re-initiate with Add rating and TP of VND27,879.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND24,600

VND27,879

10.2%

ADD

UTILITIES

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