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VCSC Daily - Stocks bounce back on big day from BID, banks - PPC

PPC released 2019 preliminary results in which revenue increased 17.1% YoY to VND8.4tn (USD361mn) but reported PBT declined by 6.7% YoY to VND1.3tn (USD57mn) as production volume growth of 7.6% failed to compensate for the negative impact of rising coal prices. Nevertheless, 2019 reported PBT surpassed our forecast by 13.1%. We attribute this higher-than-expected result to (1) sales volume of 6.1 billion kwh (7.6% YoY) in 2019, which was 1.7% higher than our expectation;