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PAC [NON-RATED] - Robust auto market offers bright prospects for battery segment - Retail Research

We recommend accumulating PAC for the following reasons. The company’s brand is well-known with more than a 49% share of the battery market. The high growth potential of Vietnam’s auto industry and more penetration into the motorbike battery market ensure revenue growth. Two new factories will increase capacity 28% and generate a VND25 billion (USD1.1 million) gain from the sale of the old factory this year. 2016 PBT may be revised up by 49% to VND238.5 billion (USD10.5 million)