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PPC [BUY +54.1%] - Cheap valuation for strong cash flows - Initiation

We initiate on PPC with a BUY rating. Its ideal location, huge cash on hand for both a compelling dividend and a USD250mn upgrade/environment project as well as growing earnings from HND and QTP ensure a stable outlook for a limited risk company. 2018 recurring NPAT is expected to be flat as higher sales volume and a recovered CGM price compensate for lower interest income and a higher CIT rate, while reported NPAT should jump 21.7% YoY thanks to a retroactive 2016 forex loss and the provisi