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PPC [BUY 27.5%] - Another beneficiary of drought - Update

We increase TP for PPC by 4% and upgrade it from M-PF to BUY as a multitude of factors are working in favour of PPC from drought conditions to a vibrant economy that together are having a dual positive affect on utilisation rates, forces strong enough to override the temporary oversupplied situation in the North. Recent share price decline further improve upside. Fully depreciated asset will lift EPS growth by 40.3% for 2016 while signals from the company suggest positive Pha Lai 1’s PPA re