- We reiterate our OUTPERFORM rating for PC1 and increase our target price by 2% to VND44,000/share following a 10% upward revision in our aggregate 2022-2026F NPAT forecast that outweighs a 50-bp increase in our in-house cost of equity assumption and delaying two potential wind power projects from 2023-2024F to 2024-2025F.

- We increase our 2022-2026F aggregate earnings forecast by 10% mainly due to modeling the 600-ha industrial park in Ha Nam Province in which PC1’s associate Western Pacific JSC expects to have a 100% stake. We now include this project’s contribution into our 2022-2026F earnings forecasts as PC1 has stated it was included in Ha Nam Province’s master plan.

- We cut our 2022F NPAT-MI forecast by 28% due to higher-than-expected FX translation loss in H1 2022 and the delayed sales launches of the Dinh Cong and Gia Lam real estate projects. We project a 33% YoY decline in 2022F EPS as PC1 had one-off profit in 2021.

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