POW – Earnings review – [HOLD] – Positive results from the low base
In 2Q24, POW recorded revenue of VND9,407bn (+9% yoy). The primary growth driver of commercial output reached 4,825mn kWh, up 11% compared to the same period. In which, Vung Ang coal-fired thermal plant and Dakdrinh hydropower plant are key factors. As a result, gross profit strongly increased to VND724bn (+54% yoy) and the gross margin rose to 7.7% in 2Q24, a rise of 2.1% pt yoy. The improvement in output and GM boosted NPAT to VND450bn (+148% yoy).
Featured Analysis
Market commentary: Macroeconomic shock hits the market
Reciprocal tariffs: A painful blow
Derivatives: Divergence during the session
Market commentary: Cautious gains
Fund flow: Capital outflows intensify across SEA
Market commentary: Market recovery
Derivatives: Bull trap?
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4/04/2025
Derivatives: Bearish sentiment
3/04/2025
Reciprocal tariffs: A painful blow

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