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PVT – A long-term bet – Update

Company Note 12/06/2019    318

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  • PVT reported a 1Q19 net profit of VND147bn (+15.5% yoy) mainly due to strong performance of the transportation segment (gross profit +55.4% yoy).
  • We expect an EPS CAGR of 8.9% in FY18-21F, on the back of the expansion of Vietnam’s refinery capacity and growing demand for fossil fuels.
  • Maintain Add rating and target price of VND21,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND16,600

VND21,000

6.33%

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