Research Center

Using DDM valuation method with our expectation that the company will pay cash dividend consistently and having not reflected Pha Lai 3 into our model, we evaluate PPC share at VND30,000 per share at the end of 2020. Hence, with the current price of VND25,000, the total 1-year expected return is 27% (including 7% dividend return of the  remaining VND1,800 cash dividend for 2019). Therefore, we reiterate OVERWEIGHT recommendation for PPC.

For FY2020, we estimate revenue and net profit at VND79,805bn and VND9,381bn. As the result,, we value HPG share at VND28,000 at the end of 2020. Therefore, we maintain our OVERWEIGHT recommendation.