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PVS – Steady growth on all counts – Update

Company Note 12/08/2019    152

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  • 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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