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.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND20,800
|
VND24,600
|
3.37%
|
ADD
|
OIL & GAS
|
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