PVOIL – IPO Note

• 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

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