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CSV [NR] - Factory relocation clouds medium term prospects - Small Cap Research

Leading basic chemicals producer with large and broad end-user demand base. Relocation of all three production plants creates medium term uncertainty. Conservative FY15 guidance of NPAT 18% lower than last year despite positive 1Q15 result as low material prices are offset by electricity price hike. At the current price, CSV is trading at a PER of 9.4x based on FY15 company guidance EPS of VND 2,406, relatively high compared to peers (6.8x of HVT and 7.7x of LAS).