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PVOIL – IPO Note

Company Note 24/01/2018    282

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  • PetroVietnam Oil Corporation (PVOIL) is the second largest petroleum distributor, accounting for 20% of the domestic market as
    of 2016
  • PVOIL has a bright outlook in the next few years. It has ample room to grow and improve its profit margin after equitization.
  • PVOIL will hold an IPO auction on January the 25th, offering a 20% stake to the public (equivalent to 206.84mn secondary shares) at a tentative initial price of VND13,400/share.
  • We believe that PVOIL will attract strategic investors. We estimate the fair value of PVOIL at VND21,216 per share

Market Price

Target Price

Dividend Yield

Rating

Sector

VND13,400

VND21,216

3.00%

N/A

OIL

 

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