-----PPC sẽ ra sao khi đồng Yên liên tục giảm giá ------

https://www.hsx.vn/Modules/Cms/Web/DownloadFile/1c701332-d09e-4963-b5fd-dd596808c224?ridx=1575792083
tin ra là bán thôi

Tuần sau nhóm tài chính- bảo hiểm có khi có biến

Giữ đc tiền khi down sẽ kiếm đc tiền khi up.

999k à?

PPC chuẩn bị chốt 8% cổ tức, REE nhận được khoản 60 tỷ

2 tuần rồi Mms nó lấy của bà con nhiều quá, sau phiên nay mọi thứ lại như chưa hề có cuộc chia ly

May mặc quá ngon!

Looking forward to turnaround year

* We increase our target price for PPC by 29.1% following our recent meeting with management.
* Long-term contracted volume for Pha Lai 1 (PL1) will be much higher than we had expected and we have less concern on PPC’s upgrade capex.
* 2016’s recurring EPS is projected to fall 51.1% YoY compared to a 41.3% YoY drop estimated previously due to less retroactive profit from Pha Lai 1.
* We estimate 2017’s recurring EPS will increase 49.7% YoY off 2016’s low base.
* PPC is trading at 8.6x TTM recurring EPS with an attractive 10.1% dividend yield, but we believe the market has priced in a yen plunge without acknowledging changing fundamentals.

We expect Pha Lai 1 to secure high contracted volume (Qc) in 2017 and beyond.PPC’s CEO said that PL1's Qc will increase from 600 million kWh in 2016 to 1.7 billion kWh in 2017. The CEO also expects Pha Lai 1’s Qc will be stable going forward. This is mainly because fewer power plants will come online in the next few years than did so in the previous three-year period. This ensures profitability for high-production cost Pha Lai 1, which usually cannot compete on the CGM market. We increase Qc for Pha Lai 1 ~50% during 2017-2020, translating into ~10% higher recurring profit.

Concern over Pha Lai 1’s upgrade capex eased. PPC is doing a feasibility study to upgrade its 30-year-old PL1, the high cost of which could limit its dividend capability. Official capex requirements have not yet been confirmed, but the preliminary indication of only USD200 million provides sufficient comfort so that we raise our terminal growth rate from 0.5% to 1.5%.

Retroactive profit for Pha Lai 1 is less than expected. In our previous note, we expected retroactive profit (the difference between the official PPA price and the temporary price in H1 2016) to be ~VND250 billion/USD11.2million. However, recent guidance shows difficulties negotiating with EVN could cut this amount in half. As such, we cut 2016 recurring NPAT forecast by ~17%.

Recent yen plunge has erased most of forex loss suffered in 9M. JPY has declined 12% vs VND over the past two and a half months compared to an increase of 18% this year through September 30 and may help PPC book a forex gain of ~VND500 billion (USD22 million) in Q4. We raise our reported NPAT forecast to VND399 billion (USD18 million), up 3.7x vs previous estimates.

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PPC lên bền quá

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--- Gộp bài viết, Dec 20, 2016, Bài cũ: Dec 20, 2016 ---

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