PVT – 2020 AGM: Conservative guidance as usual – AGM NOTE

• Management estimated 1H20 pretax profit at VND250bn (-31.5% yoy), equivalent to 63% of its full-year guidance.
• Investors’ questions at PVT’s AGM mainly revolved around its future dividend plan, capex guidance, and expansion strategy in the international market.
• Reiterate Add with an unchanged TP of VND14,400.

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