POW – Brief – [HOLD] – Positive information for NT3&4 and 2025 prospects

On 15^th, we attended POW’s analyst meeting. Here are some notable highlights: (1) POW recorded October revenue at VND2,261bn (+4% yoy), supported by a 13% yoy rise in production output, amounting to 1,476mn kWh. Growth was primarily driven by Nhon Trach 2 gas-fired power plant and Dak Drinh hydropower plant (Figure 4). Besides, (2) highlights from NT3&4 project and hydropower groups and (3) we expect POW boosted VND600bn in 4Q24F, and VND400bn is expected to be recorded in 2025 from insurance compensation of the incident at Vung Ang coal-fired power plant.