AN PHAT BIOPLASTICS (AAA): Positive growth in 3Q19 coming from traditional business (HSC)

At the current price, AAA is trading at a 2019 and 2020 P/E forward of 6.5x and 7.3x respectively, which is quite
attractive in our view compared to the 3 -year historical average of 8.5x and the regional peer equivalent of 9x.
We maintain our Outperform rating for the stock, with an unchanged target price of VND 20,100/share based on
the SoTP method. In the next 3-6 months, we think that the expected encouraging profit growth in Q4 driven by
plastic bag segment, along with a cash dividend yield of 9.4%, can be supportive catalysts for the stock price
going forward.

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