PVT – Low valuation creates entry point – Update

• Although 2QFY20 net revenue fell 17.6% yoy, net profit slipped by just 2.3% yoy thanks to a three-fold increase in net financial income.
• 1HFY20 net profit declined 23.8% yoy, in-line at 58.4% of our full-year forecast. Reiterate Add and TP of VND14,400.

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