PPC [OUTPERFORM +19.2%] - NPAT jump on generator reoperation, higher dividend income

- We raise our target price (TP) for PPC by 1.3% to VND15,400/share and maintain our OUTPERFORM rating. Our higher TP reflects (1) a 3.0% higher valuation for PPC’s standalone power generation business, due to a 0.4% increase in our 2023-2027F aggregate N