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 of Hai Phong thermal power plant is estimated at VND100bn, as such, not yet significant for PPC. Non rated: PPC is trading at PER of 13.2x on management’s EPS guidance of VND1,800. Dividend yield is 8.4% based on FY14 payment.