PPC – Update – 20180508

• PPC reported good Q1 numbers due to lower loss fromrevaluation of foreign debt. Prepayment of borrowings in  JPY has proved to be beneficial to the company as PPC’s performance has become more stable compared to the past. We maintain our target price but re-rate the stock to ADD because of the recent slide in the company’s share price in line with the overall marketeven as fundamentals look stronger due to less forex risk.
• We maintain our target price at VND22,300/share based on a target EV/EBITDA multiple of 9.5x, (in line with peer average) and our latest forecast for 2018 results unchanged.

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