PLC - Prudent guidance on margin expansion - AGM Note
PLC is guiding for 2% increase in NPAT but 11% decline in revenue on 3% higher volume, implying NPAT margin expansion by 60bps. AGM approved FY14 cash dividend of VND3,000 (yield 9%) and FY15 cash dividend of minimum VND1,500 (yield 4%). Approved increasing capital via right issue at ratio of 100:15. 1Q15 prelim PBT is flat vs. 1Q14 at VND58bn, completing 21.2% and 19.6% of management target and our forecast respectively.