PPC - Weak 1Q sales volume and strengthening JPY; achievement of dividend guidance of VND2,000 for FY15E is unlikely - AGM Note

• 23 Apr 2015
• Company Research

1Q sales volume was down 11% vs. the same period last year while JPY appreciation might result in VND113bn forex loss for 1Q15. Aggressive FY15E’s target and the dividend guidance of VND2,000 might not be achieved. The contribution from associate income o