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PPC - Retroactive profit of Pha Lai 1 to boost earnings in H2 - Earnings Flash

PPC’s H1 2016 consolidated revenue and recurring NPAT dropped by 24.4% and 54.7% YoY, respectively. However, if PPC succeeds in getting the ~VND250 billion (USD11.2 million) retroactive profit for Pha Lai 1 that it is asking EVN for, then this would add 85% to H1 recurring NPAT (~VND416 billion). However, we would still not be on track to meet our full year forecast. We might therefore lower our earnings forecast and target price for PPC in our upcoming note.