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LAS - Amended VAT law should support stock price - Company Report

We recommend LAS for the following reasons: A VAT law amendment is likely to be approved and will give LAS an advantage over rivals thanks to a cut of COGS and improved cashflow from operating activity. The amendment will send LAS’s GPM to its pre-2015 level at 22%-23%, and EPS under the new policy could increase by 50% from current levels given stable revenue and no dilution in coming years.