PVT [BUY +27.9%] - More crude imports to lower profits from BSR - Update
  • 20 Nov 2019
  • Company Research
We maintain a BUY rating while trimming our TP by 4.8% as we cut our 2020-2024F NPAT-MI by 6.6% on average, outweighing the positive impact of rolling out our TP to end-2020F. We revise down 2020-2024F EPS by 6.6% on average mainly due to 1) lower profit