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PVC - FY12 high-base challenges growth - Visit Note

We recently had a meeting with PVC in Hanoi. Due to the drop in earnings from MI-Drilling JV, PVC’s consolidated 9M profit is expected to drop significantly by 47% yoy. For the full year, PVC expects to achieve profit before tax of VND195bn, same as target. PVC looks fairly traded at FY13 PER of 7.6x on target EPS of VND1,899/share, dividend yields 6.9%.