AN PHAT BIOPLASTICS (AAA): Strong profit from IP segment continues to boost 2Q19 earnings (SSI)

Valuation: At the current price, AAA is trading at 2019 and 2020 PER levels of 7.6x and 7.5x respectively. We maintain our Outperform rating for the stock, with an unchanged target price of VND 20,100/share based on the SOTP method. AAA is an interesting case to follow in the coming years, given the short-term profit boosts from property and long-term prospects from the penetration into biodegradable product lines. Besides, the cash dividend of 10% on par, equivalent to a dividend yield of 5.7%, can also be a supportive catalyst for the stock price.

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