PPC - Unfavorable 2016
​“The absence of PL1’s PPA affected PPC 1H16’s business results stronger than our forecast. PPC’s business activities might experience off-season period in 3rd quarter due to rainstorm peaks in northern region. However, PL1 got PPA as well as the yen has cooled down, we expect PPC will record profits in 3Q16 after substantial losses in the first 2 quarters.
PL1’s Qc volume allocated for 2H16 is 595 million kWh. For 1H16, PPC is negotiating with EVN to retroact profit for PL1 (caused by difference between official PPA price and temporary price). In case of successful negotiation, we expect that over VND260 billion will be retroacted for 1H16. Empirically, we believe that the negotiation will take time and the ability to reach an agreement in 4Q is unclear. Excluding this retroactive amount and the exchange rate loss, PPC FY16’s EPS can reach VND1,863.
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