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PPC [O-PF +18%] - Poor output and surging JPY might pressure dividends - Update

Management recently disclosed that both output and CGM price in the North have been weak recently. Furthermore, the sharp appreciation of the JPY in recent weeks will translate into huge FX losses for PPC. We cut our TP for PPC by 14% to VND15,600 but reiterate an O-PF rating due to the 19% fall in its share price since our last update and still attractive dividend yield.