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PVS [M-PF +8.1%] - 2016 outlook not as dire as had been feared - AGM Note

We attended PVS's AGM today and maintain our target price of VND17,400 following the company's confidence in 2016 results as well as good Q1 results. However, we downgrade PVS from BUY to MARKET PERFORM as the stock has increased 12% since our previous update note.