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PPC - NON-RATED - VND appreciation may boost profits - Visit note

We recently flew North to visit PPC and were impressed by the massive investment needed in both infrastructure and technology to operate both power plants. We believe these obstacles will serve as a major barrier to prevent new entrants from entering the industry. Though 2H may not look too bright, we expect full year results to look better than 2011 given that the VND/JPY exchange rate remains stable.