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
HDG – Brief – [NONRATED] – NPAT boosted by drop in interest expenses
VJC – Brief – [NONRATED] – Strong core business, new supplying incoming
Seafood: Pangasius market – Indepth – [Overweight] – The tide is turning
VCB- Earnings review-[BUY]- Enhancing asset quality
POW – Earnings review – [HOLD] – Positive results from the low base
HVN – Brief – [NONRATED] – Debt write-off saved bottom line
MWG – Brief – [HOLD] – BHX would open 50 – 100 stores in 2H24F
