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PC1 [BUY +44.7%] - Well poised to ride power sector capex boom - Initiation

PC1 will list on the Ho Chi Minh Stock Exchange in mid-November. We initiate with a BUY rating based on its dominant market share, strong revenue growth and the government’s plan to triple power capacity over the next 15 years, which are not reflected in its low 7.3x PER and 1.4x P/B.