PPC [M-PF +9%] - Pha Lai 1 retroactive profit will be insufficient to offset impact on H2 earnings of weak competitive generation market price - Update

• 09 Aug 2016
• Company Research

We cut our target price for PPC by 10% and downgrade from O-PF to M-PF. H1 2016’s recurring earnings declined 54.7% YoY, worse than we expected. However, the valuation looks reasonable following the recent fall in its share price. Although, the stock is t