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PPC [BUY +41.1%] - Pha Lai 1’s PPA price to decline marginally; target price intact - Update

We maintain our target price for PPC at VND 21,700/share (as the inclusion of P/E valuation offsets a lower DCF price owing to higher risk premium) and keep a BUY rating. PPC’s 2015 normalized NPAT surpassed our forecast by 14%. This is mainly attributed to 20% lower maintenance expenses than our estimates which outweighed the total output coming in 5% lower than our estimate.