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PLC - BUY - Leading asphalt and motor vehicle lubricant producer a good play on economic growth - Initiation

We initiate coverage on PLC with a BUY rating and DCF-derived TP of VND39,200 (upside 15%, dividend yield 7.9%). We estimate earnings growth of 9% over the next 3 years based on 10% increase in asphalt sales and 6% in lubricant sales over the same period. At VND34,100 (8/4/2015), PLC is trading at undemanding PER of 7.8x VCSC estimate FY15E EPS of VND4,375 (11% increase vs. FY14E).