PGD - ADD - IPZ pipeline monopoly - Initiation 2011-02-25T00:00:00 Company Research We initiate on Vietnam’s only listed IPZ pipeline with an ADD rating and a DCF-derived target price of VND43,000, which represents a 20.0% upside to the closing price of VND36,000. The stock trades at an undemanding 5.1x FY11E PE.