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PVT – FY18 results surpass expectations – Update

Company Note 15/02/2019    125

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  • FY18 PATMI surged 43.1% yoy to VND7,534bn, surpassing our forecast by 17.7%.
  • We lift our FY19-20 EPS forecasts to reflect higher margin assumptions for PVT’s transportation business.
  • We project a flat PATMI CAGR of 2.4% over FY18-20F. Maintain Add, with target price of VND21,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND17,600

VND21,000

6.68%

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