Viet Dragon Securities - Analyst Pin-board PGV – Await to finish the equitization settlement

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Viet Dragon Securities

Son Tran

Analyst Pin-board PGV – Await to finish the equitization settlement

· AGM approved the 2022 financial guidance, which targeted revenue and NPAT to be VND 45,417 bn (or USD 1,974 mn, +22% YoY) and VND 1,827 bn (or USD 79 mn, -40% YoY), respectively. A growth of 10% in volume would drive the company’s revenue. Hence, the company’s core earnings are forecasted to increase yet financial expenses are going to eat part of it, resulting in a fall in NPAT.

· Holding a well-diversified electricity portfolio including coal thermal, gas turbine, hydropower plants and solar power, the company’s core earnings are quite stable. However, its NPAT is sensitive to the FX rate due to high leverage. We have to closely monitor the FX rate to forecast its NPAT-MI. Fortunately, the company is able to book FX revert revenue in the future, which becomes the potential earnings in the following years.

· Currently, free float is relatively low, and forward P/E ratios are relatively fair (equivalent to 12.x). Investors can accumulate this stock to enjoy dividends as the dividend yield is roughly at 4%.

21/06/2022 5 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Son Tran

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Analyst Pin-board PGV – Await to finish the equitization settlement

Week Ends in Green

DPR – Compensation from Tien Hung 2 drives strong Q2 profit growth

Fertilizer industry – Big players looking to expand NPK share as Urea market saturates

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