PVS – Steady growth on all counts – Update

• 1H19 net profit rose 15.6% yoy to VND565bn and was in line at 47.1% of our FY19 forecast.
• We expect the M&C segment to remain the growth driver, but with lower gross margin due to its lower-than-expected 1H19 gross margin.
• We maintain our Add call with a lower TP of VND24,600.

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