PVS – 3Q results dampened by one-off expenses – Update

• PVS’s 3Q19 net profit plunged 72% yoy on lower profit from associates (-92.2% yoy) and higher tax expenses.
• 9M19 net profit was below at 56.9% of our FY19F estimate due to higher than expected interest and other expenses.
• We maintain our Add call with a lower target price of VND24,100.

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