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PPC - Up-beat H1 2017 confirms turn-around and dividend story - Retail Research

We are positive on PPC’s business rebound and current state of Yen-dominated debt repayment. However, large CAPEX in 2018 could restrain cash flow and dividend capacity temporarily. FX exposure reduces as yen-dominated loan is on track to be cleared in 2018 - 2019. Reported EPS and core EPS could reach VND2,958 (+75% Y-o-Y) and VND2,526 (+22.8% Y-o-Y), respectively, on higher contracted volume, better selling prices and reversal in Quang Ninh Power Plant.