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- PPC hosted its AGM in Hai Duong Province on June 23. Management addressed investor questions regarding the S6 generator’s technical issue, dividend guidance and coal shortage
- PPC set conservative guidance for 2022. Management targets 2022 sales volume of 3.6 billion kWh (+36.0% YoY), which is backed by Vietnam’s recovering electricity consumption and higher contracted volume. PPC’s revenue and PBT guidance of VND5,428bn and VND278bn complete 93.2% and 83.3% of our forecasts, respectively. We note that apart from 2021, PPC’s management has been conservative in its guidance as the company’s PBT in 2019 and 2020 beat its guidance by 68.2% and 58.2%, respectively. We see no material change to our 2022 PBT and NPAT forecasts, pending a fuller review.
- Shareholders proposed cash dividends of VND450/share and VND600/share for 2021 and 2022 (equivalent to 2.5% and 3.4% yields, respectively), which trailed our respective forecasts of VND800/share and VND1,500/share.
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