Analyst Pin-board PPC – Low sales volume weakens 2019 earnings outlook
Although PPC’s 1Q 2019 earnings witnessed 27% YoY growth, such result was mainly driven by a large cash dividend from its affiliate company HND. Meanwhile, sales volume fell significantly, resulting in a large decline in profits from electricity production. Regarding the 2019 outlook, we expect that low sales volume will continue to weaken PPC’s earnings, despite the one-off income and large expected cash dividend from its financial investments. We still believe strong cash flows will enable the company to increase its cash dividend in the coming years.
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