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PPC - Cash cow likely to deliver 25% higher dividend - Earnings Flash

PPC released strong 9M 2018 results with recurring NPAT of VND693bn (USD29.7mn, flat YoY) as higher operating profit offsetting lower interest income. Given strong sales volume growth of 9.5% YoY, reported and recurring NPAT completed 84.5% and 83.0% of our full-year forecast, respectively. As Q4 is usually a strong quarter for coal-fired power plants, we expect to raise our 2018 recurring earnings forecast by 5%-10%.